Accessibility links

Breaking News

Russia: IMF Delays Loan Until Next Year

Moscow, 10 November 1997 (RFE/RL) -- The Interfax news agency quotes the International Monetary Fund's Moscow representative today as saying that Russia is not likely to receive fresh disbursements on a $10 billion loan until next year.

The IMF suspended payment of the latest $700 million loan tranche to Russia earlier this month, citing Moscow's failure to collect enough taxes to meet budget revenue targets.

Interfax quotes the IMF's Moscow representative, Martin Gilman, as saying that the credit disbursement probably won't come until the beginning of next year at the earliest.

Stanley Fischer, the IMF's deputy managing director, is scheduled to arrive in Moscow today for meetings with government officials. Some Russian officials had expressed hopes that the talks with Fischer would lead to a speedy resumption of the loan disbursements.