[Congressional Record Volume 145, Number 52 (Thursday, April 15, 1999)]
[House]
[Page H2058]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  MORE MONEY DOWN THE RUSSIAN SINKHOLE

  (Mr. STEARNS asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. STEARNS. Madam Speaker, last year the Russians begged the 
International Monetary Fund and our Nation for further assistance. We 
provided up to $4.8 billion that was supposed to go to economic 
stabilization, but most of the $4.8 billion disappeared into the secret 
bank accounts of corrupt Russian officials who control Russia.
  Robert Novak writes in this week's newspaper, ``The monetary support 
for the country's currency allowed members of the Russian power 
structure to convert personal holdings into dollars. In that way, a 
substantial amount of the IMF funds ended up in numbered Swiss bank 
accounts.''
  Now the Russians are begging for another $5 billion of U.S. taxpayer-
backed loans and the Clinton administration is holding out the IMF 
carrot for Russia's help in dealing with Serbia.
  U.S. taxpayers' money should never be risked in these foreign loan 
misadventures that go directly into the pockets of the most corrupt.

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