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Strategies & Market Trends : Investment in Russia and Eastern Europe
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To: Real Man who wrote ()5/18/1998 5:14:00 PM
From: Real Man   of 1301
 
MOSCOW, May 18 (Reuters) - Russia's new government is due
to issue a statement on Monday outlining its economic
priorities, including a considerable reduction of foreign debt
servicing and the budget deficit, Interfax news agency said.
It said the government also promised to keep the rate of
the national currency stable and realistic. International
Monetary Fund experts were due to arrive in Moscow this week to
assess the state of the economy.
The IMF will be looking for signs of improved financial
discipline before releasing the next $670 million tranche of a
$9.2 billion loan agreed in 1996.
The government was not immediately available to confirm the
Interfax report, which contained benchmark figures already
outlined by key government officials.
Interfax said Russia aimed to cut state debt and move
towards longer-term credits. It said the debt servicing rate
should drop to 4.2 percent of gross domestic product in 1999
and to 3.6 percent in 2000.
The government, seeking to encourage investment in
production, also vowed to reduce yields on treasury bills to 20
percent from the current levels of close to 40 percent.
The statement also said the government aimed to reduce the
budget deficit to 3.6 percent of gross domestic product in 1999
and to 2.5 percent in 2000. This year's deficit is projected at
4.7 percent.
''The statement also provides for maintaining stability of
the realistic exchange rate of the rouble together with strict
adherence to the guidelines of earlier announced policy towards
the currency corridor established in a joint declaration of the
government and the central bank,'' Interfax said.
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