President Clinton and President Yeltsin will meet in Moscow on May 10. While summits used to be about the balance of power, they are now largely about balance sheets. Russia's 1995 program, if implemented faithfully, could bring stability to Russia and make this a decisive year for reform. We are heartened by a second wave of reform sweeping the ex-Soviet states, led by Ukraine. Ukraine's break with the past can be seen clearly in the agreement it reached with the IMF on an ambitious economic program.
Much tough work lies ahead.
But in less than one year, Ukraine has become a nation on the move. The EBRD should make a special effort to support Ukraine's reforms of 1995. Ukraine's bilateral creditors should support Ukraine in 1995. T his opportunity should not be lost. The EBRD is a new age international institution because it works with the private sector.