Accessibility links

Breaking News

Russia: IMF Team To Review Economic Reforms

Washington, August 12 (RFE/RL) -- Officials from the International Monetary Fund (IMF) are due in Moscow tomorrow to complete their monthly review of Russia's economic reform program and to open the way for the countrys delayed loan installment for July.

The IMF delayed release of the $300 million traunch last month when its review team ran into problems, primarily with Russias lagging tax collections.

Tax revenues were running nearly 50 percent below projections, mostly because of rampant tax avoidance. The fund urged the government of President Boris Yeltsin to implement a number of measures to improve collections.

State Tax Service officials last week said collections are rising again. In the first 25 days of July they were approaching budget projections.

The mission hopes to remain in Moscow for at least a week, but may stay longer if Yeltsin appoints the economic team for his new administration, said an IMF spokesman.

The three-year IMF loan of around $10 billion is disbursed monthly after experts and the fund's board of executive directors review Russias adherence to its reform and stabilization program.