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29 April 1999

TEXT: REVISED STRUCTURAL ADJUSTMENT LOAN FOR RUSSIA

(4/28: Negotiations completed, World Bank says) (330)
Washington -- The World Bank said April 28 that it has completed
negotiations with the Russian Government for the revision of the third
Structural Adjustment loan (SAL 3).
World Bank President James Wolfensohn said he was "delighted that we
have reached this important agreement for support of Russia's economic
reform efforts."
Following is the text of the World Bank press release:
(Begin text)
World Bank
News Release 
April 28, 1999
WORLD BANK AND RUSSIAN FEDERATION COMPLETE NEGOTIATIONS OVER SAL3
WASHINGTON, April 28, 1999 - The World Bank and the Russian Government
have completed negotiations for the revision of the third Structural
Adjustment loan (SAL 3).
Following approval of the results of these negotiations by the
management of the Bank and the Russian Government, the necessary
amendments to the loan agreement will be submitted to the Board of
Executive Directors of the World Bank for approval. Disbursements from
the revised loan could begin in the summer, following implementation
of agreed prior actions and approval by the IMF's Board of a new Fund
program for Russia.
SAL 3, for $1.5 billion [$1,500 million], was originally approved by
the World Bank's Board in August 1998, and its first tranche, for $300
million, disbursed at that time. The loan supports reforms to the
economic environment for the development of productive enterprises in
Russia, including the reform of infrastructure monopolies, private
sector development, improved fiscal management, and financial sector
reform.
"I am delighted that we have reached this important agreement for
support of Russia's economic reform efforts" said James Wolfensohn,
President of the World Bank. "The Government has assured me that, on
this basis, it will be moving quickly to publish and then implement
the new reform program that the balance of SAL 3 will support. We look
forward to implementation of this program for the benefit of the
Russian people."
(End text)