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THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release May 31, 1998

Support for Russian Reform

On Friday, I welcomed Russia's new economic program for 1998 and encouraged strong IMF and World Bank engagement in support of reform. Implementation of this program will strengthen the fundamentals of the Russian economy and foster maintenance of a stable ruble. Following my conversation with President Yeltsin last week, we directed our officials to consult on the Russian economic and financial situation. The United States endorses additional conditional financial support from the international financial institutions, as necessary, to promote stability, structural reforms and growth in Russia.