Russian markets fell again yesterday, following a surprise decision by the IMF board to postpone disbursement of the latest US$670 million tranche of its US$9.2 billion extended loan to Russia. The board said the Russian government must first demonstrate that it has implemented measures earlier agreed upon with the Fund. Earlier in the week, the stock market rallied, following an announcement that an IMF mission would visit Moscow for talks on possible additional financial support for the beleaguered ruble. Anatoly Chubais, who on June 17 was given the job of coordinating Russia’s relations with the IMF, said yesterday that the mission will arrive on Monday evening and talks will begin on June 23. He also said that the importance of the talks was underlined by the fact that the mission will be accompanied by IMF deputy managing director Stanley Fischer. Chubais confirmed yesterday for the first time that Russia is hoping for a stabilization fund of between US$10 and US$15 billion. Earlier, the government had said it would try to cope with the financial crisis on its own. (AP, June 18) Chubais said that, first, the IMF was likely to put tough conditions on any loan and, second, there were some conditions Russia would refuse to meet, regardless which financial organization made them. (ORT, June 18)
RUSSIA LAUNCHES ANOTHER EUROBOND.