Of the 70 countries with which the OECD maintains informal ties, OECD Secretary-General Donald Johnston highlighted Russia, calling the country’s economic management “outstanding”, and cited its strong growth in the first quarter, despite the declining global market. Amid the economic uncertainty due to the war in Iraq, Mr Kudrin said that Russia had developed the necessary infrastructure to avoid exposure to any fluctuations in oil prices, including mechanisms to increase its financial reserves.
He was also hopeful that his country’s oil contracts in Iraq would be honoured by any future Iraqi administration. Mr Kudrin also affirmed that a government commission on further co-operation with the OECD would soon be established.
©OECD Observer No 237, May 2003