OTHER NEWS - June 2, 1992

Russia Joins IMF: Russia joined the International Monetary Fund, but it must make economic reforms before it wins financial support from the organization that Moscow once shunned as a capitalist tool. The United States and its rich allies have pledged $24 billion this year to help Russia transform its economy from communism to capitalism. But much of the money won’t be handed out until the IMF approves Russia’s economic reforms by agreeing to provide the country a standby loan. Monetary sources said an IMF team recently returned from Moscow disappointed in the pace of reform. Russia will have a 3% stake in the IMF, making it the ninth-largest member. The United States has the biggest share, just under 19%.