Managing Director Michel Camdessus, visiting Kazakhstan, commented favorably on the stability of the currency, the dramatic decline in inflation, and the slow but steady growth in the economy. Kazakhstan has borrowed $500 million from the Fund since 1993 but has not drawn down any part of a $420 million long-term line of credit the Fund approved in 1996. The next steps in the country’s reform program include trade liberalization and tariff cuts, tax reform, and accelerated privatization.