Moscow, 21 November 2000 (RFE/RL) -- An IMF delegation left Moscow today without agreement on a stand-by credit. If approved, the credit would have allowed Russia to restructure its massive debts to Western government creditors. The IMF said in a statement that further discussions are needed regarding if and when Russia moves toward structural economic reforms.
The IMF and Russia had agreed last year (July) to provide loans of about $4.5 billion to Moscow to help reforms, but the IMF suspended the program because Russia was slow in implementing reforms.
Russia's debt to the Western government creditors -- the so called Paris club -- has risen to some $48 billion.
Russia is expected to make interest payments of $1.7 billion this year. Moscow was hoping to make a deal with the IMF to restructure the payments. It has failed therefore to make allowance for the payments in its budget plans for 2001.
The IMF and Russia had agreed last year (July) to provide loans of about $4.5 billion to Moscow to help reforms, but the IMF suspended the program because Russia was slow in implementing reforms.
Russia's debt to the Western government creditors -- the so called Paris club -- has risen to some $48 billion.
Russia is expected to make interest payments of $1.7 billion this year. Moscow was hoping to make a deal with the IMF to restructure the payments. It has failed therefore to make allowance for the payments in its budget plans for 2001.