"Russia in many ways is setting the standard of excellence when it comes to macroeconomic standards. The way that you look at fiscal policy, inflation situation, the debt situation, all those levels are very much setting the standards of excellence," Lagarde said at the St. Petersburg International Economic Forum (SPIEF).
The IMF chief said that the Russian economy was growing by about 1.5 percent a year adding that these growth rates were lower than the ones in past.
READ MORE: St. Petersburg to Host SPIEF on Acute Global Economic Issues
SPIEF, held annually in Russia's second largest city of St. Petersburg, is a major global platform for communication between business representatives and the discussion of crucial economic issues. The event started earlier in the day and will continue until Saturday. Rossiya Segodnya International Information Agency is the official media partner of the forum.