Washington, 1 October 1996 (RFE/RL) -- At the opening of the annual meetings of the International Monetary Fund and the World Bank in Washington today, IMF Managing Director Michel Camdessus praised Russia's progress and welcomed Bosnia as the newest member of the global institutions.
"Who would have dared hope that as early as this year, Russia would have strengthened its macroeconomic policy stance to such an extent that it would even achieve one month of zero inflation?" said Camdessus.
The managing director said that in all the countries in transition from central planning to market economies, growth has already reached record levels of five percent or more in eight. Four have brought inflation down to single digits.
"The countries in transition that were thrust into a brave new world are no longer dazed and have begun their upward climb of growth and development," said Camdessus.
Camdessus also congratulated Bosnia on its "first steps" to rebuild a peaceful country. Bosnian Prime Minister Hasan Muratovic, Finance Minister Mirsad Kikanovic and National Bank Governor Kasim Omicevic are leading the 10-member Bosnian delegation to its first meetings of the fund and bank.