, announced in Moscow that economic reform in Russia is on track. Camdessus somewhat cryptically declared the Fund’s intention to extend by one year the three-year program for Russia set up in 1996. Under that program, the IMF is making a total of $10.2 billion in credit available to the Russian government, with the money doled out in quarterly installments. Release of each installment depends on continuing Russian compliance with Fund-approved policy reforms and performance targets. It is not clear whether the Fund now proposes to stretch disbursement of the $10.2 billion over four years instead of three, or whether Camdessus will ask the Fund’s Board of Directors to increase the amount. More money will be hard to find. Because of the big Asian bail-outs, the Fund is running low on resources, and an increase in its capital faces a difficult time in a skeptical United States Congress.