1994 Reports

Shock Therapy and After: Prospects for Russian Reform

Desai, Padma B.

"In the third year of its transition to a functioning market
economy free from high inflation, Russia began its toughest phase
in 1994 under the Chernomyrdin government. The approval by the
International Monetary Fund (IMF) in March of the second tranche of
$1,5 billion signaled support for the economic program of the new
government. The subsequent adoption by the Duma (lower house of the
parliament) of the government's budget and the signing of the civil
accord by several parliamentary factions and industry groups marked
a step, albeit fragile, in the direction of national consensus."