[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 
    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.