WHT HSE'S MCCURRY: TIME FOR 'CLOSURE' IN IMF-RUSSIA DEAL
ÿÿÿÿÿWASHINGTON (MktNews) - In a 20-minute telephone call initiated by Russian President Yeltsin, marking what the White House called a "moment of peril" for the Russian economy, President Clinton Friday renewed his endorsement of the Yeltsin administration and urged that the talks with the International Monetary Fund be brought to a rapid conclusion.
ÿÿÿÿÿThe early afternoon conversation was "useful and productive," White House spokesman Michael McCurry told reporters. He said Clinton followed the discussions of the Russian economy with a repetition of U.S. concerns than Russia not sell sensitive weapons technology to certain countries.
ÿÿÿÿÿ"President Yeltsin reaffirmed that Russia's working hard with the International Monetary Fund to bring negotiations on the conditionality for an additional financing package ... to a successful conclusion," McCurry said.
ÿÿÿÿÿ"The United States government certainly agrees that Russia needs an IMF program that works, one that the Russian government is both capable of implementing and that addresses the country's most pressing financial and structural problems," he said.
ÿÿÿÿÿ"Both sides have done good work here and it's time though, in our view, for these negotiations to come to closure," McCurry said.
ÿÿÿÿÿMcCurry made it clear, as he extended his remarks, that the U.S. wanted to cooperate with Yeltsin in both reiterating a vote of confidence in his administration and in reassuring markets that some help is immediately pending. Yeltsin's call to Clinton was one of several made to world leaders during the day.
ÿÿÿÿÿ"We also agreed that actions that Russia takes now will be the most critical component in turning around the perceptions that the investing community has in the financial situation in Russia and we think that the positive impact of the work being done sends the right signal to the markets and to the investors about the long-term structural prospects for Russia's economy," he added.
ÿÿÿÿÿ"We have a high degree of confidence in their determination to do this," McCurry said of Russia's efforts. "They have a complicated environment in which they make national economic policy and we are well aware of that." But the U.S. has a "high regard" for the skills of the Russian Prime Minister and his deputy, noted reformer Anatoly Chubais.
ÿÿÿÿÿ"The president then raised the issue of the importance we attach to missile technology proliferation issues," he said. The U.S. reminded Yeltsin "of the great concerns our Congress has about missile technology issues and the president stressed the importance of continuing to make progress in the variety of channels we have used to address these concerns as we look ahead to issues that will be dealt with at high levels in preparation for the summit the two presidents will have in September."
ÿÿÿÿÿClinton visits Moscow Sept. 1.
ÿÿÿÿÿ"That's our desire, to see this brought to a conclusion soon and Russian authorities are working hard," McCurry said. "If I'm not mistaken President Yeltsin has indicated he's changing his immediate travel plans and obviously the urgency of the situation requires that kind of response."
ÿÿÿÿÿMcCurry repeated the U.S. concern that Russian do a better job collecting taxes. "A great deal of it now is all off the books and black market and that's been a principle source of concern to the (Russian) government," McCurry said.
ÿÿÿÿÿ** Market News Service Washington Bureau: (202) 371-2121 **
15:30 EDT 07/10
c 1998 Market News Service, Inc.
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