CAMDESSUS ON RUSSIA….

CAMDESSUS ON RUSSIA….

Outgoing IMF Managing Director Michel Camdessus, whose resignation becomes effective February 14, has few regrets about the Fund’s activity in Russia. In a speech at Georgetown University, he criticized the rich industrial countries for failing to provide Russia credits at the end of the communist era. That left the Fund and World Bank to act alone, with poor data and no means of verification. But Russian authorities “have not questioned the suggestions for reform and have tried continuously to adhere to the best macroeconomic practices.” The country has good prospects for economic recovery over the next ten years, he said.