## Russian Federation: 2009 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion

_IMF Staff Country Reports, August 7, 2009_

## Source details

**Canonical URL:** [Russian Federation: 2009 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion](https://www.imf.org/en/publications/cr/issues/2016/12/31/russian-federation-2009-article-iv-consultation-staff-report-staff-statement-public-23176)

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## Bibliographic details
- Published: August 7, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451833195.002

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### Summary
- The 2009 Article IV Consultation highlights that the banking system of the Russian Federation is under increasing strain, and private sector credit is contracting.
- The authorities’ response to the crisis has been swift and substantial, driven by concerns that weaknesses in the banking and corporate sectors could lead to a full-fledged crisis.
- Executive Directors commended the authorities for a swift and substantial policy response.
- Directors encouraged the authorities to take a more proactive and concerted approach to tackling the problems in the banking sector.

### Major findings and themes
- Banking system under increasing strain.
- Contraction in private sector credit.
- Weaknesses in the banking and corporate sectors pose risks of a full-fledged crisis.
- Authorities implemented a swift and substantial policy response.
- Executive Directors both commended the response and urged more proactive, concerted action on banking-sector problems.

### Subject areas and keywords
- Subject: Banking, Correspondent banking, Credit, External debt, Financial services, Money, Oil prices, Prices, Public debt
- Keywords: carry trade, consultation, consultation informational annex, Correspondent banking, CR, Credit, first-quarter downturn, fiscal policy, Global, ISCR, monetary policy, oil price, Oil prices, recapitalization plan

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/russian-federation-2009-article-iv-consultation-staff-report-staff-statement-public-23176_