News Brief: Russian Authorities and IMF Reach Understandings on 1998 Economic Policy Statement
June 11, 1998
Russian Authorities and IMF Reach Understandings on 1998 Economic Policy Statement
The Russian authorities and the management of the International Monetary Fund (IMF) have reached understandings on a statement of economic policy for 1998 that takes full account of the Government’s policy package announced in late May. Provided that the actions to be implemented in the next few days are taken as expected, it is foreseen that the IMF’s Executive Board will meet on June 18 to consider completing the seventh quarterly review under the Extended Fund Facility (EFF) for Russia. The completion of this review will immediately make available a tranche of US$670 million. IMF staff will continue to engage in intensive dialogue with the Russian authorities. If it is judged appropriate and necessary, additional financial assistance could be made available in the context of further policy measures.