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Mr Putin and Mr Wolfensohn exchanged views on plans for cooperation between Russia and the World Bank and also discussed the results of the International Monetary Fund’s annual meeting in Prague.

Mr Putin asked Mr Wolfensohn to share his views on reforming the Bretton Woods system.

At a press conference following the meeting, Mr Putin said that Russia’s state budget for 2001 includes money the World Bank will accord Russia as part of a loan for carrying out structural reforms in the economy. Mr Putin and Mr Wolfensohn discussed the programmes this money should be spent on at their meeting.

In response to a question about how unplanned revenue in the 2001 budget would be spent, Mr Putin said that additional revenue would be used to reduce Russia’s foreign borrowing.

Mr Putin said at the press conference that he considers the situation in Yugoslavia tense and that he hopes that Vojislav Kostunica and his colleagues in Yugoslavia’s democratic movement will strive to find legitimate solutions to all issues and act within the law. This would help Yugoslavia to break out of its international isolation.

Following their talks, Mr Putin and Mr Wolfensohn went to see the opera Mazepa, which opened the Mariinsly Theatre’s 218th season.