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Russia: World Bank President Encourages Market Reforms

Moscow, 14 April 1997 (RFE/RL) -- World Bank President James Wolfensohn ended a four-day visit to Russia today by saying that Moscow could receive $6 billion in loans during the next two years provided that market reforms proceed vigorously.

During his visit, Wolfensohn met Russian President Boris Yeltsin, Prime Minister Viktor Chernomyrdin and market reformers Anatoly Chubais and Boris Nemtsov, who were both appointed as first deputy prime ministers last month.

A World Bank spokeswoman said new lending to Russia from the institution could include $600 million for financial sector reform and $500 to $700 million for social sector reform. But the spokeswoman said details are still under discussion and nothing has been finally agreed yet.

At the end of last year, the World Bank had more than $6 billion in loans outstanding to Russia. International financial institutions are demanding that Russia raise tax revenues before disbursing fresh credits.