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Finance Minister sees 5.9% -6% economic growth

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WASHINGTON (September 24 - RIA Novosti) - Russian Finance Minister Alexei Kudrin expects the national economy to grow at a rate of 5.9% to 6% this year.Kudrin, who is attending the fall session of the International Monetary Fund and the World Bank in Washington, thus refuted the IMF forecast that Russia's economic growth in 2005 will not exceed 5.5 %.Russia's windfall profits from high oil prices provide a favorable environment for economic growth that will help double GDP, he said. This, however, will only happen with a balanced credit and monetary policy and successful implementation of major structural reforms, he warned. Temporary sterilization of excess money supply from oil windfall profits is also a prerequisite to high growth rates, designed to keep down inflation, he said.

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