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    WORLD BANK: RUSSIAN GOVERNMENT SHOULD INTENSIFY FINANCIAL SECTOR REFORMS

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    MOSCOW, April 7, 2004. (RIA Novosti) -- The Russian government has to intensify reforms in the financial sector, experts of the World Bank say. Their conclusions were published on Wednesday in the World Bank's Memorandum for Russia.

    "The government should facilitate reforms in the financial sector; without them, liquidity inflows and inadequate infrastructure may lead to volatility on the financial markets, unfavorable market developments and reduce investments in the real sector of the economy," the report says.

    The Memorandum published by the World Bank also says that the economy of Russia is still dependent on the prices of hydrocarbons, and high oil prices continue largely to determine economic growth in the country.

    At the same time, the signs of "getting away from this trend" have begun to be observed in the Russian economy lately," the report says.

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