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Russia: IMF Leaves Moscow Without Deal

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.