Russian Crisis

A detailed Summary of Russian Crisis


On July 13, 1998 the Managing Director of the International Monetary fund (IMF), Michael Camdessus said, "The IMF team currently in Moscow has reached an agreement with the Government of Russia on a major strengthening of Russian economic programs ("IMF Board"). In the agreement between the two, Russia was to receive a 22.6 billion-dollar bailout package to help their economic crisis. The Russian Government was to submit an economic plan to cope with the crisis, and show that it is being implemented. The IMF also stated that the "exchange rate Policy should remain unchanged during the remainder of the year" (Cohen). After four weeks, however, the ruble was devalued and reforms are not likely to be implemented. The Russian Government has failed to comply with the guidelines set by the IMF to receive full disbursement of the 22.6 billion dollars. The first installment of 4.8 billion dollars to Russia did nothing to bail out the mismanaged banking system, nor was it able to prevent the devolution of the ruble. The Russian Government has failed its people once again and the IMF should not provide additional aid to Russia (McKay A25).

The IMF has been giving money and advice to Russia for over five years


Arnold, Roger A. Macroeconomics. 4th ed. Cincinnati: South-Western, 1998. 466-468.

The Russians and the IMF are to blame for the economic instability. Russia's fault lies in the government refusal to reform. The fault of the IMF lies in the willingness to provide bailouts regardless of whether they achieve economic results. "Since 1992, the IMF lent Russia over 18 billion dollars, with each loan" (Cohen). The IMF required Russia to adopt economic reforms, and in almost every case Russia rarely performed the economic reforms, but the IMF continued to send money. This is a pattern that is being repeated in the current bailout package. The corruption in the Russian Government has seemed to be over looked by the IMF. If the IMF is supposed to be run like a bank, they are failing badly by investing in a country with these economic problems.

Johnson, Bryan. "Russia, The IMF and Reform." Political Economy. 2 Oct. 1998:

and they have yet to make any progress in creating a stable economy. In most cases there is



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Category: History

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