러시아ㆍ유라시아

The authorities have continued to make progress in implementing the program. Notwithstanding the delay in completing this review, mainly related to a difficult approval process of the 2016 budget and political tensions culminating in a change in government in April 2016, important policy measures have been taken since the last review. This includes a sizable fiscal adjustment; a successful completion of the debt operation with private bondholders; the increase in gas and heating tariffs to full cost recovery; and decisive steps to rehabilitate the banking system. However, progress in tackling corruption, privatizing state-owned enterprises (SOEs), and advancing pension reform has been slower than envisaged against significant political resistance.