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Briefing
The IMF Rescues the CIS
Appears in:
Europe, Macroeconomy, Commonwealth of Independent States, Emerging Europe and CIS, Russia, Russia, CIS and the Caucasus, Current Financial Crisis, IMF and International Economic Institutions, Systemic Risk, Vulnerabilities and Asset Bubbles
Critical Issues
Background:
In the midst of the global economic dowturn, several CIS countries have turned to the IMF (or other multilateral institutions like the European Bank for Restruction and Development), which has been providing funds to other emerging market economies, especially in Eastern Europe, through a range of concessional and non-concessional funding. IMF funding tends to come with conditions such as currency devaluations and budget cuts, which may exacerbate existing political divisions in CIS countries, particularly in Ukraine. Other CIS countries like resource-rich Kazakhstan are turning to bilateral donors like China, Russia or to past savings. Collectively, these funding sources should help avert balance-of-payments crises in the CIS, which is expected to experience sharp contraction in 2009.
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