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Gold/Mining/Energy : Steppe Gold (SPE:V)

SPE 15.32

+0.9%

Nov 10 4:00 PM EST

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To: John Stokes who wrote (662)	2/20/1998 5:44:00 PM
From: John Menzies	Read Replies (2) of 1248

You saw the S&P report. The governement is sticking to its plan and will no doubt continue to do so. When you have had hyper inflation as we have seen in the last couple of years there is only on solution and one outcome. The governement has to tighten its belt stop spending and reduce money supply which results in a lack of demand for consumables and a reduction in the pace of increase in prices - pretty simple really. The outcome of course is economic pressure on those who can least afford it and the pain can be very real - particulalry where the winters are this hard. From one extreme to the other - inflation is casued and controlled by governement fiscal policy. It is only 6 years since the declaration of the republic and we have seen the country go through a period of hyper-inflation and negative growth we now see a couple of percent growth and inflation coming down to 10-20 percent. We have seen the credit rating of the countriy's securities go from no rating to B+ and we are seeing dramatic change all in the one direction - all towards privatisation of the entire economy. This really dramatic step is causing some consternation as one would expect - the governments determination to stick to the program is more than commendable. The rewards of involvement in Kakakstan are very tangible - it just takes understanding and patience and not reaction to the party in opposition. There must be some pretty juicy comments from opposition parties here in Canada from time to time - anyone got any?

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