In a press release issued on July 28, the IMF announced it has approved a 17-month Stand-By credit for Russia equivalent to SDR 3.3 billion (about $4.5 billion) to support the government’s 1999–2000 economic program. There will be seven equal disbursements of SDR 471.4 million (about $640 million), with the first installment to be released immediately. Subsequent installments will depend on quarterly reviews being completed and performance criteria and structural benchmarks beingmet. At the conclusion of the IMF Executive Board meeting, IMF First Deputy Managing Director Stanley Fischer made the following statement.
On behalf of the American people, I am delighted to welcome you to Washington for your Thirty-Sixth Annual Meeting. It seems your deliberations take on added importance each year, and this year will be no exception. I believe your meeting can strengthen the national resolve and international cooperation required for the global economic recovery and growth we all are striving to achieve.