"I had an opportunity to tell the Russian President that we [the International Monetary Fund] are clearly discerning prospects for Russia's economic growth. High petroleum prices beneficially tell on it," he said to the media after conference with President Vladimir Putin.
"As we see it, Russia ought to use the chance to pace up economic progress in a situation of political stability so as to go on with structural reforms and ensure macroeconomic stability.
"Efforts to improve macroeconomic indices have already done Russia much good, and it is worthwhile to go on with the job," he went on.
The IMF director advised to President Putin "to vigilantly monitor the inflation, and be circumspect about budgetary policies, which are to preserve an initial budget surplus. I also called to use the chance provided by extra petroleum revenues for foreign debt reduction," he added.
Mr. de Rato highlighted efforts by the Central Bank of Russia to strengthen Russian banking. "I advised to the Russian President to promote Central Bank efforts and do everything possible to make the Russian banking system healthy, efficient and transparent.
"Russia has an essential administrative reform agenda. The reform implemented will allow Russia to keep on its economic progress."
As the IMF boss said, he had stressed, while in conference with President Putin, urgent necessity for an open and friendly business milieu. He also spoke up for administrative reforms to spread from a federal to local levels.
