Russia -- Press Statement at the Conclusion of an Article IV Consultation
December 11, 2001
Describes the preliminary findings of IMF staff at the conclusion of certain missions (official staff visits, in most cases to member countries). Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF's Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, and as part of other staff reviews of economic developments.
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Russia—Press Statement at the Conclusion of an Article IV Consultation December 11, 2001 A mission from the IMF headed by Mr. Gerard Belanger visited Moscow from November 28 to December 11 to hold discussions with the Russian authorities for the 2001 Article IV Consultation with the Fund. The mission discussed the macroeconomic outlook and the plans for structural reforms. As to macroeconomic issues, discussions focused particularly on the implications of the recent deterioration in the external environment and the policy options available to the authorities in the case of a further deterioration in the coming year. It is the mission's assessment that the large external current account and fiscal surpluses, together with the relatively comfortable level of foreign reserves, have placed Russia in a strong position to deal with the less favorable environment. The mission also found that the Government's plans and priorities suggest that the impressive momentum that has emerged in the structural reform area in 2001 is likely to be maintained next year. The mission will prepare a report on its findings that will be discussed by the Fund's Executive Board in early 2002. |