14 AUGUST 1999, Page 29

Unspoiled by failure

RUSSIA may not be as bust as it looks, which is good news for the International Monetary Fund, which would otherwise be bust, too. A year ago Russia welshed on its debts, including the money its government owed to its citizens, let alone foreigners. The IMF had just come across with $22 bil- lion, and now, quite unspoiled by its debtor's failure, is coming across with some more. Russia's best asset was put on the table two months ago, when it got the West out of a hole in Kosovo. That, though, is not security, or not in the sense that a bank understands. The IMF's annual general meeting is in Washington next month and deserves to be lively.