Jun 28 2004 11:35AM
IMF critical of Russian economic policy
MOSCOW. June 28 (Interfax) - The final report issued by the International Monetary Fund's expert mission, which worked in Moscow on June 15-25, has criticized nearly all the main aspects of Russia's economic policy.
The IMF mission, led by Resident Representative in Russia Poul Thomsen, held meetings with Deputy Prime Minister Alexander Zhukov, Finance Minister Alexei Kudrin, Central Bank Chairman Sergei Ignatyev and Economic Development and Trade Ministry officials.
Welcoming the country's short-term economic prospects, the IMF mission concluded that "there are, however, emerging signs of macroeconomic tensions and considerable uncertainty about the durability of the achievements, especially in the event of much lower oil prices."
The mission underscored the need for major economic policy adjustments to respond to the current major oil revenues.
Apart from complaining of a slowdown in structural reforms, weakening budget policy and slow steps to cut inflation rates, the IMF also criticized Russia's plans to start using its stabilization fund, which accumulates oil revenues, in 2005, and the Central Bank's policy of fighting ruble appreciation.
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