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There must be no changes in the government’s activities, except that it will have to work more intensively, Mr Putin told the meeting, which lasted for only about five minutes.

Mr Putin stressed that the government would have to work harder because the presidential election race would begin ahead of schedule, and the elections themselves would be held three months later. This means that the government will take on an additional load.

The acting president stressed that the government must not get involved in any political campaigns. All the government must do is to ensure economic growth and the well-being of the people, Mr Putin said.

Mr Putin said the national environment was conducive to an initial economic recovery. Stock markets have gone up 5% today in response to Boris Yeltsin’s decision. This means that Mr Yeltsin made a well-thought-out, correct and timely decision, Mr Putin said. He also said that there was every reason to believe that the government would be able to cope with economic and social issues.

On behalf of Mr Yeltsin, Mr Putin wished Cabinet members a Happy New Year.