    [Public Papers of the Presidents of the United States: William J. Clinton (1998, Book I)]
    [May 29, 1998]
    [Page 853]
    [From the U.S. Government Publishing Office www.gpo.gov]

    [[Page 853]]

    Statement on Russia's Economic Situation
    May 29, 1998

        I strongly welcome Russia's announcement today of its new economic
    program for 1998. This program, developed in consultation with the IMF,
    signals Russia's commitment to a bold economic reform agenda to
    strengthen financial stability and encourage investment and growth. The
    United States intends to support this program when it is reviewed by the
    IMF Board.
        Yesterday President Yeltsin called me to
    discuss Russia's strategy for creating strong economic growth. In
    addition, Prime Minister Kiriyenko called
    the Vice President. President Yeltsin
    underscored that he and Prime Minister Kiriyenko will spare no effort in
    implementing this program. Recent months have been difficult for Russia
    and other emerging markets. President Yeltsin and Prime Minister
    Kiriyenko aim to establish a firm defense against financial market
    turmoil.
        Russia's new economic plan puts in place a solid strategy for fiscal
    reform. It gives Russian officials the authority they need to collect
    taxes, crack down on companies that ignore their obligations to the
    Government, and control spending in line with revenues. What is now
    important is to carry out these reforms decisively and resolutely. The
    United States will continue to encourage strong IMF and World Bank
    engagement in support of reform.