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International Monetary Fund. External Relations Dept.

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.

Mr. Daniel Leigh, Mr. Krishna Srinivasan, and Alejan Dro Werner

Abstract

Since attaining independence in the 1960s and 1970s, Caribbean countries have registered strong economic and social outcomes. Per capita incomes have risen, with most Caribbean countries now in the top 25 percent of all emerging market and developing economies (EMDEs).1 Median life expectancy is 73 years, compared with 70 years for other EMDEs; infant mortality is relatively low; and female labor force participation relatively high (Figure 1.1). Poverty rates are comparable to other EMDEs. Beyond these achievements, Caribbean countries have developed strong democratic traditions, with public policies actively debated and influenced by the aspirations of their people.