News Brief No. 99/21

News Brief: Statement by the IMF Managing Director on Russia

April 28, 1999

After his meeting today with Mr. Maslyukov, First Deputy Prime Minister of the Russian Federation and leader of the Russian delegation, International Monetary Fund Managing Director Michel Camdessus, said:

"I am pleased that we have agreed with the Russian authorities on an economic program for Russia that I hope to be able to recommend to the Executive Board in support of a new Stand-by Arrangement as a new step in the cooperation between the IMF and Russia. There are still a few technical elements to be settled in the next few days. The program includes many measures in the fiscal, banking, and structural areas that the authorities have undertaken to implement, including through enacting the necessary legislation, as quickly as possible. The authorities have also agreed to provide me with a full explanation of the management of the reserves by the CBR and the use of disbursements from the IMF over the last few years. As soon as the measures have been implemented and I have received the necessary assurances, I shall ask the Executive Board to consider Russia’s request for a Stand-by Arrangement of SDR 3.3 billion over 18 months, of which SDR 2.2 billion would be in the first 12 months."