A team of IMF experts arrives in Moscow today to put the finishing touches on the $9 billion, three-year extended credit facility expected to be finally announced when IMF director Michel Camdessus visits Moscow next week. If the loan goes ahead as expected, it will be the second largest credit in IMF history, second only to that extended last year to Mexico. (7) Meanwhile, the Russian government is reported to have given in to IMF advice that Russia should abolish tariffs on oil exports. The Russian Central Bank is understood to have been reluctant to abolish the tariffs, which generate considerable revenue. The IMF had argued that abolishing tariffs would generate even greater profits by making Russian products more competitive on world markets, thereby boosting exports. (8)
Moscow Criticizes Extradition of Bosnian Serb Military Leaders.