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IMF Board Approves First Monthly Review of Russian Program

IMF Board Approves First Monthly Review of Russian Program Robert Lyle

Washington, April 30 (RFE/RL) - Monetary sources in Washington say that the Board of Executive Directors of the International Monetary Fund (IMF) has completed its first monthly review of the Russian economic reform program and approved disbursal of the second roughly 350 million dollar installment of the current three-year loan. The IMF approved a 10,100 million dollar extended loan last month, but conditioned the monthly pay-outs on continuing reviews of Russia's progress in meeting the goals outlined in the broad reform program negotiated to win the loan. The sources say the board spent most of yesterday reviewing economic and other data to make sure Moscow had met the conditions. No details of the review were immediately available. The review occured the same day Russia achieved a major debt rescheduling from the Paris club of official creditors. the solurces say that The rescheduling was dependent on Russia's continuing success in the IMF program.