RUSSIA * ECONOMY * SITUATION * MARGELOV * SENATOR * MARGELOV: FAVOURABLE CONDITIONS FOR ECONOMIC MODERNISATION CREATED IN RUSSIA

WASHINGTON, February 4, 2004. (RIA Novosti correspondent Vasily Voropayev) - The outcome of the State Duma (the Russian parliament's lower chamber) elections has favoured the promotion of the country's economic modernisation, Mikhail Margelov, head of the International Committee of the Federation Council (the upper chamber of the Russian parliament), said while speaking at the Cornegie Endowment in Washington on Wednesday.

"The popular vote was influenced by positive work the centrists had done in the previous Duma, when more liberal bills providing for the country's modernisation were passed than in the previous decade," Margelov commented on the United Russia party, which had won an overwhelming majority in the elections.

The senator also assured that Russia will retain social and political stability into 2008.

"Nothing that could affect Russia's foreign policy line President Putin worked out for the 4 years to come has occurred in the world," the official pointed out.

"The economic growth Russia has shown during 6 consecutive years can be regarded as undisputed success after lasting slumps and crises of the past years," the senator aggregated.