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Russia: Primakov To Seek 'Russian Solution' To Crisis

Moscow, 4 December 1998 (RFE/RL) - Russian Prime Minister Yevgeny Primakov said today that Russia will find what he called "a Russian solution" to its economic crisis. He said he is satisfied that Russia and the IMF will maintain good relations. The IMF has said it wants to see a credible reform program and genuine efforts on the part of the Russian government to raise revenues and cut spending.

Speaking at a World Economic Forum conference in Moscow, Primakov said that the method of development will be Russian and will derive from Russian social conditions.

First Deputy Prime Minister Yuri Maslyukov said today at the same conference that inflation could be held to 30 percent in 1999.

Maslyukov's comments followed a report issued today that inflation has reached 65 percent for the year and is expected to reach 70 percent by year's end. The ruble also lost four percent of its value against the dollar today, falling to almost 20 rubles to the dollar.

Presidential Deputy Chief of Staff Oleg Sysuev said today that Russia needs more international loans in order to stave off a social explosion. Sysuev said that a stable Russia with a developing economy is in the interests of both Russia and the rest of the world.