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On opening the meeting, Mr Putin said that Russia’s relations with the International Monetary Fund had moved to a new level. Now, Russia develops economic programmes independently and without taking out loans.

The President said that although Russia did not need credits, it did need cooperation. Moreover, Russia is involved in a three-year programme which is being developed with IMF participation.

Mr Koehler said that he highly valued cooperation with Russia, which had entered new phase, adding that successful reforms in Russia made this partnership possible.

The Russian President said that the Central Bank’s currency reserves were growing. Such figures have allowed Russia to draw up a proposal to the Fund to advance the repayment of loans.

The head of the Fund welcomed this initiative, saying that it was very important and well-timed in the current economic environment.

The Russian President and the Fund’s director also discussed the fight against international terrorism. Horst Koehler emphasised the importance of drafting laws against money laundering in Russia and establishing special institutions to combat it.