IMF STRUCTURE FOR FORMER SOVIET UNION COUNTRIES REORGANIZED

Managing director of the International Monetary Fund Horst Kohler has abolished the Second European Department, which was dealing with the countries of the former Soviet Union. In compliance with his resolution, as reported by “BizTime.ru,” by November 1, 2003 Russia, Belarus, Latvia, Lithuania, Moldova, Ukraine and Estonia will become part of a united European Department. As of Azerbaijan, Armenia, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan, they will join the Near East Department, which will be called Near East and Central Asian Department from now on. Horst Kohler indicated in the statement on reorganization of the IMF structure that it is being held in the light of progress in development of transition economy countries and the prospect of EU accession for some of them.