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Strategies & Market Trends : Investment in Russia and Eastern Europe

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To: Real Man who wrote ()	6/18/1998 2:08:00 PM
From: Real Man	of 1301

MOSCOW, June 17 (AFP) - Leading Russian reformer Anatoly Chubais was named Wednesday as President Boris Yeltsin's special representative to international financial institutions, Interfax reported citing a Kremlin spokesman. Chubais will "coordinate the activities of the executive organs of power and the Central Bank of Russia ... with international institutions," spokesman Sergei Yastrzhembsky was quoted as saying. The appointment is seen as a major effort by Moscow to boost its ties with institutions such as the IMF and World Bank, from which Moscow is desperately seeking support in its hour of financial need. The post comes with the equivalent rank of deputy prime minister, Interfax said. Prime Minister Sergei Kiriyenko earlier said the new post would amount to an "essential" coordination role "of all branches of power in matters of interaction with international financial organisations." Chubais has already built up strong relations with top western financial officials during two stints in government between 1992 and 1997. Despite being dumped from the government in March, he travelled to Washington late last month to draw on his top-level contacts in the IMF and World Bank as Russia's financial system teetered on the brink of collapse. Moscow wants to set up to boost efforts to drum up loans from abroad to ease the government's chronic cash crisis. The news that Chubais could be returning to the corridors of power after being sacked from the government in March gave Russian stocks a boost. Traders said that appointing Chubais to the role would not only add further credibility to the cabinet, but would also help Moscow in its desperate bid to drum up foreign loans to ease its cash crisis. "Chubais is well-known overseas and is perceived as a pro-reform person who puts his money where his mouth is," said Rinako Plus trader Alex Gorelik. "Typical Russia politicians talk about things and do nothing, but Chubais has a track record of getting things done," he added. "He is a no-nonsense figure who is trusted overseas."

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