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IMF: High oil prices lessen Russia's need for aid |
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September 23, 2000
PRAGUE, SEPT 22 (AP) - High oil prices are a worry for most financial leaders in town for the IMF and World Bank summit, but they are good news for Russia and that has lessened Russia's need for financial aid, an official said Friday. The International Monetary Fund's deputy managing director, Stanley Fischer, said nonetheless that the IMF will keep an eye on Russia's economy and its reform efforts to see whether any new lending might be in order. "We'll see how the macroeconomic situation evolves," Fischer told reporters outside a panel discussion held ahead of the IMF and World Bank annual meetings, which formally open Tuesday. Critics have also said Russia needs to seriously attack problems with corruption before getting in line for more assistance from the big world lenders. Oil prices have soared well over U.S. dlrs 30 per barrel, stirring concerns that growth in developed nations could slow down as a result of higher energy bills. But oil exporters, including Russia, are seeing a revenue windfall. |