• ACI Russia

08/17/1998 10:34:59 IMF to study Russian policies immediately-Camdessus

MOSCOW, Aug 17 (Reuters) - The International Monetary Fund on Monday appealed for public and private support for Russia as it introduces new exchange rate and other measures to deal with a financial crisis. "These measures and their potential impact will immediately be analysed by the staff and management of the IMF, and submitted to the Executive Board," said a statement issued by IMF Managing Director Michel Camdessus. "It is important that the international community as a whole, both public and private sectors, show solidarity for Russia at this difficult time," Camdessus said, adding that the new measures were designed to bolster confidence. He urged the government to press ahead with its anti-crisis programme so that the IMF can release in September the next tranche of an $11.2 billion credit package agreed last month. The new measures included government debt restructuring and restrictions on some foreign debt repayments. "As a preliminary reaction, I am of the view that, in the new context created by these measures, it will be especially important for the Russian authorities to take all necessary steps to strengthen the fiscal position," he said. He called for the State Duma (lower chamber of parliament) to pass fiscal measures which he described as essential. The Duma has decided to meet in a special session on August 21. Camdessus also urged Russia to find "a cooperative solution to their debt problems, in a close dialogue with Russia's creditors". ((Moscow Newsroom, +7095 941-8520 moscow.newsroom@reuters.com))

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