Investment in Russia and Eastern Europe Message Board

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Strategies & Market Trends : Investment in Russia and Eastern Europe

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To: Real Man who wrote ()	5/7/1998 1:25:00 PM
From: Real Man	of 1301

MOSCOW, May 7 (AFP) - Russia's central bank chairman Sergei Dubinin warned Thursday that the country could suffer a new economic crisis within three years if it does not resolve its mounting debt problem, ITAR-TASS reported. The news agency said Dubinin sounded his warning at a government meeting, at which the finance ministry put forward tough spending and revenue plans for the next three years to end the cycle of debt and borrowing into which the government has fallen. Dubinin and Prime Minister Sergei Kiriyenko both told the cabinet meeting that budget plans should be finalised along the lines of the most pessimistic scenario. Earlier, Deputy Finance Minister Vladimir Petrov outlined a three-year budget blueprint according to which foreign debt servicing would amount to 16 percent of total spending in 1999, before dropping to more than 12 percent of total spending in 2001.

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