>>> Doug Henwood <dhenwood at panix.com> 01/20/00 12:34AM >>>
The IMF suspended lending to Russia in September and has called for better bankruptcy legislation and other changes to the government's economic program. It has released only one $640 million payment last year out of a total package of $4.5 billion approved for Russia in 1999.
As the government will be able to pay $3 billion in foreign debt payments in the first quarter from its own resources, it will be under less pressure to please the IMF before elections.
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Russia's benchmark RTS Index plunged 5.6 percent to 183.63.
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CB: These parts of this post suggest a positive development. Breaking with imperialism is an important thing for Russia to do to get itself out of its extreme economic crisis. Will RTS Index plunge discourage Americans and other capitalist centers from investing there ?
Cut all ties to the IMF !
CB