IMF DIRECTOR, IN MOSCOW, DENIES $9 BILLION LOAN IN THE BAG.
Publication: Monitor Volume: 2 Issue: 37
IMF director Michel Camdessus arrived in Moscow last night and will meet today with top Russian officials for negotiations on a three-year extended fund facility. There are rumors that, instead of the $9 billion Russia originally requested, the government now wants as much as $12 billion. On his arrival, Camdessus denied Russian implications that the deal was sewn up. He said the final decision would depend on the progress of Russian reforms. Russia made Òfragile progressÓ last year, he said, and must now consolidate its reforms. The IMF is understood to be demanding that Moscow meet various conditions, including lifting export duties on oil. The multilateral financial body may make the loan conditional on regular, perhaps monthly, reviews of economic performance. Russia wants the loan because, unlike the stabilization credit it received last year, extended credit opens broader opportunities for economic restructuring. (1)
Kohl Visit Concludes with Warm Words in Moscow, Reservations in Germany.