Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, July 1, 1993 TAG: 9307010325
SECTION: NATIONAL/INTERNATIONAL PAGE: A-12 EDITION: METRO
SOURCE: Associated Press
DATELINE: WASHINGTON LENGTH: Short
The action was announced following a closed-door meeting of the IMF's 24-member executive board. It was immediately hailed by the Clinton administration, which has made support for Yeltsin a major element of its foreign policy.
In a statement, Treasury Secretary Lloyd Bentsen called the IMF vote a "strong endorsement of the Russian government's reform program and a vote of confidence for President Yeltsin's success in securing a market-based democracy for the Russian people."
Bentsen said that the IMF loan was particularly important because it showed that the West was making good on its commitment to speed assistance to Russia to support Yeltsin's economic reforms.
The IMF approval came less than a week before Clinton and other leaders of the seven richest industrial countries will meet with Yeltsin in Tokyo to discuss current economic conditions in Russia.
Earlier in the month, Bentsen had been critical of the IMF for dragging its feet on the Russian loan application.
IMF officials, however, countered that they wanted to make sure that Russia was committed to making necessary economic reforms in such areas as slowing inflation and getting control of its budget deficit.
In its announcement, the IMF said that Russia would be able to qualify for an additional $1.5 billion in assistance in six months "provided that progress continues to be made in the implementation of the policy program."
by CNB