Russian Federation: Staff Report for the 2001 Article IV Consultation and Post-Program Monitoring Discussions
IMF Staff Country Reports, April 4, 2002
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- Russian Federation: Staff Report for the 2001 Article IV Consultation and Post-Program Monitoring Discussions
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Bibliographic details
- Published: April 4, 2002
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451833003.002
Summary
- This paper assesses the Russian Federation’s 2001 Article IV Consultation and Post-Program Monitoring Discussions.
- Improved economic performance and reduced external vulnerability were reflected in a strengthening of financial market indicators in 2001.
- The Russian stock market doubled in U.S. dollar terms.
- Bond spreads narrowed significantly.
- Rating agencies upgraded Russia’s debt.
- The near- to medium-term outlook remains favorable.
- The recent successes in building up strong external and fiscal positions should enable Russia to deal with the current less favorable external environment with the prevailing policy framework.
Key findings and indicators
- Financial markets: stock market doubled in U.S. dollar terms; bond spreads narrowed significantly; sovereign credit upgrades by rating agencies.
- External and fiscal positions: characterized as “strong” relative to the prior period; reductions in external vulnerability cited.
- Outlook: described as favorable over the near- to medium-term given built-up buffers and prevailing policies.
Subjects and keywords (as listed)
- Subjects: Banking, Expenditure, Exports, Fiscal policy, Fiscal stance, Inflation, International trade, Oil prices, Prices
- Keywords: CR, debt service, director, Europe, Exports, February, federal budget, Fiscal stance, Global, Inflation, ISCR, Oil prices, spending surge, surplus, surpluses of the federal government, tariff, utility tariff