FROM THE OFFICE OF PUBLIC AFFAIRS

Secretary Rubin today released the concluding statement of thestaff of the International Monetary Fund following completion ofits 1997 annual economic consultations with the United States.This statement represents IMF staff’s independent judgementand assessment of U.S. economic performance and policies. Inreleasing it, the United States joins a number of countries thathave chosen to do so in recent years, including several of ourG-7 partners.

The IMF staff statement, or Statement of the Fund Mission,highlights the strength of the Clinton Administration’seconomic record, which has helped make the current expansion oneof the longest and most dynamic on record. But it also observesthat there is still work ahead in securing the longer term healthof the economy.

We do not agree with every point in the statement. However,our release of it underscores our strong commitment to enhancingthe transparency of IMF activities, so as to strengthen theinstitution’s internal workings and build greater publicsupport for the critical contribution the IMF makes to thesuccessful functioning of the world economy.

Every year, IMF staff review economic performance and policiesin the vast majority of its 181 member countries as part of itsso-called "Article IV surveillance" consultations.Following the consultations, IMF staff generally provide aconcluding statement to the country’s senior economicofficials. For several weeks in May and early June, IMF staffconducted the U.S. consultations in meetings with technicalexperts and economic policy officials. IMF Managing DirectorCamdessus and the IMF staff team met earlier this month withChairman Greenspan and Secretary Rubin to wrap up theconsultations. The IMF Executive Board will consider theIMF’s findings next month. We expect that a summary of theBoard’s conclusions will be released.