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Russia Announces Refusal to Sign Cooperation Deal With IMF
Russian Deputy Prime Minister and Finance Minister Alexei Kudrin on Wednesday announced Russia's refusal to sign a 2001 cooperation program with the International Monetary Fund (IMF).
The government found that it was not necessary to put everything under the control of the IMF, although the text of a program between the two sides had been practically agreed, Kudrin said.
Russia had assessed its economic potentials and realized it needed no credits this year, Kudrin said. "We have faith in the future development of Russian economy, and we have a considerable resource of stability."
Two weeks ago, Kudrin said that Russia "has virtually agreed" with the IMF on a cooperation program for one-year term and the two sides were working on the final stage to tackle some technical issues.
This program covers a list of economic measures Russia should take in 2001 for receiving a 12-month stand-by loan from the IMF.
The government would still confirm its commitment to economic reforms but would not be compliance with each point of the agreed- upon program, Kudrin said.
Russia will stick to this stand in further talks with the IMF, he added, while saying that the government intended to consult with the IMF once six months, not as frequent as now of every quarter.
Kudrin meanwhile said Russia will reassess the need for a three- year cooperation program with the IMF on the basis of its interests and economic development.
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