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Microcap & Penny Stocks : HGRM--Any Followers?
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To: Leslie Tack who wrote (2367)4/21/1999 4:03:00 PM
From: Jim Burnham  Read Replies (2) of 3576
 
IMF deal with Russia possible soon, Camdessus says

WASHINGTON, April 21 (Reuters) - The top official at the International Monetary Fund said on Wednesday that his agency could reach a deal soon with Russia on an economic plan that would release new loans for the country.

IMF Managing Director Michel Camdessus said he had been encouraged by recent efforts by Russia to solve its severe problems and added a breakthrough in the talks with Moscow could emerge within days.

''We believe that it is still possible for us to agree with them soon,'' Camdessus told a news conference ahead of the IMF and World Bank meeting. ''The next few days probably will bring us good news.''

But Camdessus said that even if an agreement were not reached over the next couple of days, the fund would continue to work with Russia.

He cited Russia's efforts to discuss with its creditors a payment plan as one of the positive developments as well as the country's restraint in opting not to print an excessive amount of money as a means of dealing with the economic problems.

While emphasizing the fund's desire to help Russia, Camdessus acknowledged that major challenges lay ahead.

''Russia is at this very moment probably the most difficult problem we must tackle,'' he said.

Russia devalued its currency, the rouble, in August 1998 and defaulted on some domestic debts, draining already-weak confidence in emerging markets and unleashing problems around the globe.

In the current negotiations between Russia and the IMF, the fund has pressed the government for firm action on spending, tax collection and other issues before handing over more money.
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