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IMF Clears Way for New Loans to Russia

April 29, 1999|Bloomberg News

The International Monetary Fund and Russian finance officials reached an agreement that clears the way for new loans to the debt-ridden Russian government, said IMF Managing Director Michel Camdessus. The deal awaits approval by the lender's executive board, Camdessus said. Russia needs at least $4.5 billion in fresh loans to repay old loans to the IMF that cannot be extended. The deal would be "a new step in the cooperation between the IMF and Russia," Camdessus said. It would be contingent on Russia taking banking and fiscal measures and explaining how the government is managing its international currency reserves, Camdessus said. The IMF and World Bank in August cut off a $22.6-billion aid program after the Russian government defaulted on its debt and devalued the currency.

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