Kudrin Says Russia Supports Ukraine's Bid For IMF Funds

MOSCOW, Russia -- Russia supports Ukraine's bid for funds from the International Monetary Fund, Finance Minister Alexei Kudrin said.
"We have to take into account the crisis of 1997-1998 when this help was not delivered on time and was not sufficient to block the crisis," Kudrin said in Moscow today.Russia experienced this in 1998, when this help was not sufficient."Russia will defend the rights of developing nations" through the IMF, said Kudrin, who is a board member.The minister spoke during a meeting of finance ministers from the Commonwealth of Independent States, a group of former Soviet republics including Russia.Growth in the CIS will probably slow to 7.2 percent this year from 8.6 percent in 2007 as the world faces "the most dangerous financial shock" for developed markets since the 1930s, the IMF said on Oct. 8.The pace of economic expansion in Russia is set to slow to 7 percent, compared with 8.1 percent last year, according to the IMF.