government, and the wait for appointment of a new one have placed plans to cut government spending by $6.5 billion this year on hold and in jeopardy. Meanwhile tax collections in January-February were only 63% of target.

That won’t please the International Monetary Fund. The IMF may not approve disbursement of a pending $700 million installment under its 1996 three-year loan program. If the disbursement is not approved at the next IMF Board meeting on April 17, Russia may have to wait at least until June. NOTES