Memorandum on the Economic Policy of the Russian Federation

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Abstract
1. For approximately the past sixty years, Russia's economy, as part of the USSR economy, has been subjected to strict centralized planning. This system has been undergoing a gradual dismantling since the mid-1980s, but it has not been replaced by any other integral economic mechanism. Macroeconomic disproportions have built up during this same period. As a result, the economy entered the new decade in a state of acute crisis that is manifested in lowered productivity, higher inflation, obsolete fixed capital, gross distortions of price relationships, serious structural disproportions, and a number of grave ecological problems. The transition to a democratic form of government in 1991 created prerequisites for eliminating the basic causes of these negative phenomena. The principal economic goals of the Russian government were articulated in the speech given by the Russian president, B. Yeltsin, on 28 October 1991: the transition to a market economy and the attainment of macroeconomic stabilization. The economic policy of the first months of 1992 and the basic provisions of the program the government intends to carry out in the last three quarters of 1992 are briefly presented below. The Russian leadership hopes that this bold, comprehensive program will receive the appropriate support of the international financial community.

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