-Caveat Lector- By ANNA DOLGOV MOSCOW (July 19, 1999 3:32 p.m. EDT http://www.nandotimes.com) - Russia could receive as much as $3.8 billion in foreign loans this year, allowing the government to stop using borrowed money to meet foreign debt payments, a top financial official said Monday. The International Monetary Fund is expected to decide soon on releasing the first installment of an 18-month, $4.45 billion loan program to Russia. If the approval goes through, Russia could receive up to $1.9 billion from the IMF this year, said Mikhail Zadornov, the country's top envoy to international financial institutions. The IMF loan, in turn, will trigger more lending - $1.85 billion - from the World Bank and Japan, Zadornov told journalists. A large share of the World Bank money will go to finance reform of Russia's moribund coal industry and to prop up social programs. But the rest would still be enough to enable the government to stop borrowing from the Central Bank - and depleting Russia's scarce hard-currency reserves - to meet its foreign debt payments this year. "We will cease using Central Bank reserves to finance our external debt (repayments)" Zadornov said. The IMF is to consider new lending to Russia during a board meeting set for July 28, and the World Bank is to complete its loan review process on July 29 or Aug. 3. If the IMF loan is approved, Moscow will begin talks the next day on restructuring other debts to the London and Paris Clubs of commercial creditors, Zadornov said. The IMF froze a loan package worth $22.5 billion after Russia's financial collapse last August. The new loan under consideration was made contingent on Russian parliamentary approval of a package of laws intended to increase government revenue, combat corruption and restructure the commercial banking system. Russia has defaulted on its Soviet-era debt but remains committed to meeting payment schedules on most debt incurred since the Soviet collapse in 1991. Zadornov said that this year, Russia would pay $4.2 billion it owes the IMF, the Interfax news agency reported. In the second half of this year, Russia is due to pay around $3.5 billion to service its Eurobonds and debts to the IMF. ------------------------------------------------------------------------------ -- ------------------------------------------------------------------------------ -- Global | Nation | Sports | Politics | Opinions | Business | Techserver | Health & Science | Entertainment | Weather | Baseball | Basketball | Football | Hockey | Sport Server | MAIN ------------------------------------------------------------------------------ -- Copyright � 1999 Nando Media Do you have some feedback for the Nando Times staff? DECLARATION & DISCLAIMER ========== CTRL is a discussion and informational exchange list. Proselyzting propagandic screeds are not allowed. Substance�not soapboxing! These are sordid matters and 'conspiracy theory', with its many half-truths, misdirections and outright frauds is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRL gives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credeence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://home.ease.lsoft.com/archives/CTRL.html http:[EMAIL PROTECTED]/ ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
