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Russia: Chubais Says International Aid Needed

Moscow, 18 June 1998 (RFE/RL) -- Anatoly Chubais, appointed yesterday as Moscow's liaison to international financial organizations, says Russia needs an additional $10-15 billion to help stabilize its financial institutions.

Chubais said today that the Russian cabinet is discussing what conditions it would accept on new loans.

Western leaders have said they would support new loans to Russia if they proved necessary to help it deal with its current financial crisis. Russian President Boris Yeltsin said earlier today that Russia needs support and investment. But he said Moscow would rely mainly on its own efforts.

The International Monetary Fund (IMF) earlier agreed to a $10 billion loan to Russia, but it has been frozen since January with the IMF demanding economic reforms. The IMF's executive board is due to meet in Washington today to discuss releasing a $670 million tranche.

Meanwhile, the Russian Finance Ministry confirmed today that it has instructed two major international investment banks to issue a long-term Eurobond to ease its current cash crisis. The ministry did not provide details. But news agencies report it will be a 30-year bond worth between $1.25-2 billion.