The International Monetary Fund says it has made “significant progress” in negotiating a one-year program that would renew Fund engagement with Russia on a level not seen since Russia’s August 1998 default. A recent IMF mission to Moscow reached or came close to agreement with Russian authorities on 2001 fiscal and monetary targets, though agreement on structural reforms seems further away. Conclusion of a Fund program would greatly facilitate Russian negotiations on rescheduling of official (Paris Club) debts, a source of deep contention between Russia and Germany in particular.