7 Aug 2009 17:17

IMF recommends Russian govt cut anti-crisis program in 2009

WASHINGTON/MOSCOW. Aug 7 (Interfax) - The International Monetary Fund has recommended that the Russian government slash its anti-crisis economic stimulus program in 2009, the IMF said in a report following a mission to Russia in last May and early June.

The majority of IMF governors expressed doubt about the size and reversibility of the economic stimulus program, the report says.

The Russian government has estimated that anti-crisis measures financed from the federal budget will total 1.5 trillion rubles in 2009.

The IMF expressed fear that such large-scale stimulus could become permanent. After the economic slowdown passes, the anti-crisis measures could lead to rapid appreciation of the ruble and a decline in competitiveness, the report says.