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. Last Updated: 07/27/2016


IMF Spells Trouble

Russians are sorely mistaken if they think that these considerable funds [from the International Monetary Fund], which will have to be paid back with interest, will go toward developing the nation's economy, new jobs, military conversion, financing the social sphere or canceling wage debts. Officially, these latest external loans are supposedly meant for supporting the government's anti-crisis, that is stabilization program, which in the past few weeks has been foisted on the State Duma by the government. However, this program is neither anti-crisis nor stabilizing. It is only a list of conditions on which the West is ready to grant Russia another loan in order to save the current governing regime from complete failure. However, many Western observers doubt whether the IMF credits will be enough to save this regime. ... Credit from the international financial organizations is meant to ensure that Western investors in Russian securities will get shares of privatized Russian enterprises and short-term treasury bills.

Sovietskaya Rossiya, July 21