” Russia and International Financial Institutions”

            Over the years, the World Bank has shown a great deal of support towards Russia by putting forward over 40 projects (adding up to over 6 billion) to structurally reform and develop the country.  Due to the administration of the previous leader, the Soviet government did not sign an agreement to become a member of the international financial institution till the early 1990s.  It was only in 1991 when the Soviet Union applied for membership in the IMF and four organizations of the World Bank Group.  The World Bank showed significant approached to improve the financial position of Russian easing the transition from central planning to a market economy to minimize human costs in Russia.

            The financial crisis in Russia (1998 ) highly depended on the funds of The World Bank.  The macroeconomic crisis included; a disaster in exchange rates, the banking system, and unsustainable public debt.  The World Bank went forward in loaning Russia with adequate money help to put forward new economic development projects.  

            Over the years, Russia’s relationship between the World Bank has evolved into a strong partnership based on: global initiatives, knowledge sharing, policy dialogue, and joint analytical work- promoting the growth and development.