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Russia: Reform Program On Target Says IMF

Washington, 18 July 1997 (RFE/RL) - International Monetary Fund (IMF) sources say figures on Russia's economic reform program supplied at the end of June seem to indicate that Moscow is on target for the next review of its three-year loan from the IMF.

Our economics correspondent in Washington quotes the sources as saying, however, that the indications are "preliminary and general" and are subject to far more detailed analysis. They will be looked at more closely by the next regular review mission of IMF experts and officials who will arrive in Moscow next week.

The Interfax Financial Information Agency quotes Russian Deputy Finance Minister Oleg Vyugin in Moscow as saying second quarter figures suggest that credit and monetary goals have been exceeded. He is also quoted as saying that budget and tax policy requirements "are in line with the program" and "close to planned parameters."

The IMF review mission will be in Moscow until the first of August to complete its recommendations on release of the second quarterly tranche of Russia's $10.1 billion loan. The next drawing, expected to be approved in late August, will be about $700 million.