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29 April 1999

TEXT: STATEMENT BY THE IMF MANAGING DIRECTOR ON RUSSIA, APRIL 28

(Camdessus hopes to recommend new stand-by arrangement) (380)
Washington - The Managing Director of the International Monetary Fund,
Michel Camdessus, met here April 28 with Yuriy Maslyukov, First Deputy
Prime Minister of the Russian Federation, and afterwards said he was
pleased they were able to reach agreement on an economic program for
Russia that Camdessus hopes to recommend to the IMF Executive Board in
support of a new Stand-by Arrangement.
In a news brief issued April 28, Camdessus called the agreement "a new
step" in IMF-Russian cooperation.
The IMF head said the economic program includes many measures in the
fiscal, banking, and structural areas that the Russian delegation,
lead by Maslyukov, agreed to implement as quickly as possible, and he
added that a few technical elements still needed to be settled.
Following is a text of the IMF news brief:
(Begin text)
International Monetary Fund 
News Brief No. 99/21 
April 28, 1999 
STATEMENT BY THE IMF MANAGING DIRECTOR ON RUSSIA
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."
(End text)