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. Last Updated: 07/27/2016

Köhler Positive About Economic Recovery

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Russia is a "great country," and under President Vladimir Putin, the nation’s prospects of developing relations with the International Monetary Fund are good, Prime-Tass reported the International Monetary Fund’s Managing Director Horst Köhler as saying.

A former head of the European Bank for Reconstruction and Development, Köhler has years of experience of working in Russia. He presided over a large-scale write-off of Russian loans after the 1998 ruble devaluation that resulted in the EBRD’s first-ever yearly loss.

Köhler said Monday he had become convinced that "one must always proceed from the fact that this is a great country," which "must not be humbled."

This approach had caused "a part of the mistakes we made," he said, emphasizing the need "for correct ideas to be realistically implemented."

"Thus, I believe that our relations with President Putin have gotten off to a good start, but at the same time, I would suggest that close attention be paid to his actions," Köhler said.

Russia’s debt to the IMF, which before the crisis exceeded $20 billion, has now fallen to about $12 million, Prime-Tass reported.

Köhler said this is proof that "certain exaggerated suggestions about the ‘waste of money’ in Russia were neither true nor considered."

Köhler said the next IMF mission would arrive in Moscow in September.