DATE=12/3/1999
TYPE=CORRESPONDENT REPORT
TITLE=RUSSIA I-M-F (LO)
NUMBER=2-256805
BYLINE=BARRY WOOD
DATELINE=WASHINGTON
INTERNET=YES
CONTENT=
VOICED AT:
INTRO: Russia's top international economist,
Alexander Livshits, is meeting with International
Monetary Fund officials today (Friday) in Washington.
V-O-A'Barry Wood reports the talks concern a delayed
I-M-F loan installment to Russia.
TEXT: I-M-F spokesman Tom Dawson says no date has yet
been set for when Russia will receive the 640 million
dollar loan installment that has been delayed since
September. In remarks to reporters before the
officials met, Mr. Dawson suggested that the loan
could be approved this month and that Russia has come
close to fulfilling all of the conditions that are
required.
/// DAWSON ACT ///
What I'm indicating is that (Russia's)
performance under the program has exceeded most
peoples expectations, there are a number of
structural benchmarks that have not as yet been
fully achieved. So if you define economic
program as being both macro performance and
structural improvement, then the answer would be
no it has not fully met all the criteria. Is it
close? Yes, the macro conditions have largely
been met. And there are still some issues on the
structural side.
/// END ACT ///
The I-M-F spokesman would not identify what those
structural issues are except to say that they concern
the banking sector and the need for transparency in
disclosing information. Mr. Livshits is pressing for
an early release of the loan.
Russia's economy and budget have improved
significantly with the recent doubling of oil prices.
Russia is the world's third largest oil producer and
higher prices make it easier for Russian oil companies
to pay taxes. Russia's tax receipts this year are
double what they were last year and the budget deficit
is being reduced. A tighter budget has been a
principal I-M-F loan condition.
Although the I-M-F is considered likely to approve the
loan, the fund has come under increasing pressure from
member countries to delay it in protest over Russia's
military actions in Chechnya.
If and when the loan is approved, Russia is expected
to use it to repay the I-M-F for past loans. Russia
is due to repay nearly five billion dollars to the I-
M-F over the next 12 months. (Signed)
NEB/BDW/KL
03-Dec-1999 15:18 PM EDT (03-Dec-1999 2018 UTC)
NNNN
Source: Voice of America
.
|
NEWSLETTER
|
|
Join the GlobalSecurity.org mailing list
|
|
|
