-Caveat Lector- 6/16/99 -- 3:58 PM IMF chief: Russia's economy shows sig ST. PETERSBURG, Russia (AP) - The International Monetary Fund's chief on Wednesday hailed Russia's progress in mending its moribund economy but remained noncommittal on a loan requested by the country. ``Tough work still remains to be done by the government and parliament,'' IMF Managing Director Michel Camdessus said after talks with Prime Minister Sergei Stepashin. ``But I'm convinced that the team headed by the prime minister has the necessary strategy and can solve the problems.'' Camdessus, who was attending the Russian Economic Forum in St. Petersburg, wouldn't say when the fund would resume lending to Russia. Stepashin voiced hope it would be as early as next month, after Russia fulfills its pledge to bolster state revenues. The IMF tentatively agreed in April to lend Russia $4.5 billion provided Russia adopts a package of austerity bills that would raise some taxes, streamline the ailing banking sector and speed up bankruptcy procedures. The Communist-dominated lower house, the State Duma, has been reluctant to act, fearing unpopular bills would cause a voter backlash. However, opposition to the bills began melting last week after Stepashin threatened actions that could lead to the parliament's dissolution. Speaking to reporters Wednesday, Stepashin expressed confidence the house would quickly adopt the bills. He also fended off Communist claims that his government was kowtowing to the West in asking for the loan. ``The demands of the International Monetary Fund aren't just conditions that we must meet to get these credits; they are necessary to restore the health of our economy,'' Stepashin said. He warned that a failure to overcome the economic crisis may turn Russia into a ``bankrupt and pariah nation.'' The IMF froze lending to Russia after its government defaulted on some debt and devalued the ruble last year amid global economic turmoil in emerging markets. Camdessus noted the government's success in reining in inflation, boosting tax collection and stabilizing industrial production. Economic growth in the first quarter was about zero, a rate that appeared rosy after last year's economic freefall. There is ``some hope in the economic indications from the first quarter,'' Camdessus said. However, the country still faces problems including failing banks, unproductive factories and corrupt officials, he said. The IMF had no plans to increase lending beyond the $4.5 billion already promised. The IMF loan would just cover the debt payments that Russia must make to the fund this year. Russia owes a total of $17.5 billion to various foreign creditors in 1999, but the government has said it won't be able to pay off more than half of that. Copyright 1999 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. DECLARATION & DISCLAIMER ========== CTRL is a discussion and informational exchange list. Proselyzting propagandic screeds are not allowed. Substance—not soapboxing! These are sordid matters and 'conspiracy theory', with its many half-truths, misdirections and outright frauds is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRL gives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credeence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://home.ease.lsoft.com/archives/CTRL.html http:[EMAIL PROTECTED]/ ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
