[Weekly Compilation of Presidential Documents Volume 34, Number 29 (Monday, July 20, 1998)]
[Page 1372]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on the Proposed International Monetary Fund Financing Program 
for Russia

July 13, 1998

    I welcome the announcement this morning by Michel Camdessus, 
managing director of the International Monetary Fund, that he will 
recommend a new financing program for Russia to the Fund's Executive 
Board. This new program of Russian policy commitments and international 
financial support can provide a sound basis for increased stability and 
confidence. Strong implementation by the Russian Government of these 
important reform measures is essential. I continue to believe that a 
partnership with a stable, democratic, and prosperous Russia is a vital 
U.S. national interest.