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To: goldsnow who wrote (16479)	8/24/1998 3:27:00 PM
From: Alex	Respond to of 116822

US lawmaker blasts IMF on Russia, says aid wasted WASHINGTON, Aug 24 (Reuters) - The chairman of a U.S. congressional panel on Monday accused the International Monetary Fund of mishandling the crisis in Russia and wasting billions of dollars on a failed reform program. ''The IMF program has failed completely to stabilize Russian financial markets and its political situation,'' New Jersey Republican Rep. Jim Saxton, chairman of the Joint Economic Committee, said in a statement. ''The huge IMF bailout for Russia has not worked. About $5 billion of disbursed IMF funds already have been wasted.'' Russia, which won a $23 billion IMF-led rescue package last month, stunned markets a week ago by effectively devaluing the rouble and defaulting on some foreign debt. On Sunday Russian President Boris Yeltsin sacked prime minister Sergei Kiriyenko's four-month old government and summoned back former premier Viktor Chernomyrdin. Saxton, an outspoken critic of the IMF, said it was clear the lending agency had failed in Russia. ''This large and unsuccessful commitment of IMF resources raises serious questions about the management of IMF funds,'' the lawmaker said. President Bill Clinton has asked the U.S. Congress to give the IMF $18 billion to replenish resources drained by multibillion-dollar bailouts for Indonesia, Russia, South Korea and Thailand. The funding package was approved by the Senate earlier this year, but the legislation has stalled in the House of Representatives despite intensive lobbying by the White House and powerful business groups.