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Kremlin adviser backs IMF's Russian economic growth forecast

WASHINGTON. April 26. (Interfax) - Russian presidential economic adviser Andrei Illarionov on Saturday described as "reasonable" an International Monetary Fund forecast for 6% economic growth in Russia in 2004.

Illarionov told reporters in Washington that gross domestic product for the first quarter of 2004 was 8% up on that for the same period in 2003.

It could not be guaranteed, he said, that this percentage would be kept up throughout the year and that therefore the 6% forecast was "reasonable."

He also expressed support for IMF advice that Russia tighten its monetary policy to keep inflation in 2004 within 10%.

He said current high world oil prices and a current considerable inflow of foreign capital in Russia meant it would be quite difficult to keep inflation from rising above 10% if the country does not change its monetary policy.

He said several measures were being planned in Russia. He declined to elaborate but said they were designed to cut the current inflation rate and stop the ruble going up against Western currencies.