Publication: Monitor Volume: 2 Issue: 223

An IMF mission departed Moscow yesterday without having made a decision on the resumption of credits to Russia within the framework of its $10.2 billion Extended Fund Facility. The IMF had withheld the monthly payment of this credit in October, primarily because of its dissatisfaction with the rate of tax collection in Russia. Thomas Wolf, the permanent representative of the IMF in Russia, said that the IMF mission will return to Moscow in December and that a pause in the negotiations was necessary to properly assess tendencies observed in state fiscal revenues. Tax revenues did increase in November over preceding months, but Wolf said it was necessary to monitor the stability of this tendency. According to Aleksandr Livshits, Russian minister of finance, budget revenues in November are expected to reach 18 trillion rubles — 3.5 trillion more than in October and 8 trillion more than in September. (Interfax, November 26) A final decision on the extension of further credits to Russia will be taken when the IMF Board of Directors meets December 10-13, which means that the next monthly tranche of $340 million might not come until late December or January. (Interfax, November 26)

Russia Extends Ruble Band for Another Year.