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17 Jun, 2008 07:05

World Bank chief warns Russia on inflation

The president of the World Bank, Robert Zoellick, has warned Russia that it has to fight harder to cut inflation if it wants to maintain its rapid economic growth. The bank has agreed to fund major infrastructure projects in Russia in partnership with Rus

Speaking in Moscow on Tuesday, Mr. Zoellick said that a combination of food and energy prices is raising inflationary pressures.

Vnesheconombank has signed a memorandum of understanding with the international institutions belonging to the World Bank group. 

The agreement also includes a $US 380 million project to help fund small business in Russia.

Mr. Zoellick noted that Russia needs less financing now and the World Bank is intending to contribute its experience.  He also announced plans to realise projects in a number of Russian regions, particularly near Moscow and St. Petersburg.