[Weekly Compilation of Presidential Documents Volume 34, Number 22 (Monday, June 1, 1998)]
[Pages 998-999]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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.

[[Page 999]]

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.