IMF Prepares Cash-Free Deal With Russia

Article Abstract:

The International Monetary Fund will submit a new loans agreement to the Russian government. The IMF, which will not make new loans but is prepared to reschedule Russia's $40 billion loan package, sents a team of economists to Moscow to work out the new agreement.

Government domestic functions, International Monetary Fund, Finance

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Russia to get $22.6 billion in loans tied to economic-reform pledge

Article Abstract:

The International Monetary Fund (IMF), the World Bank and the Japanese government have agreed to lend Russia $22.6 billion by the end of 1999. The assistance relies on Russia's oath to deliver a raft of economic reforms aimed to increase tax revenue, reduce the budget deficit and encourage more competition. Anatoly Chubais, the Kremlin's negotiator with international lenders, declared that the IMF will lend Russia $11.2 billion in new money in 1998, in addition to the $1.3 billion already committed, while the World Bank will lend Russia as much as $6 billion in 1998 as well as another $4 billion in 1999.

Comment:

Russia: The IMF, World Bank & Japanese government agree to lend the country $22.6 bil by the end of 1999

International economic relations

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Central bank of Russia annuls Inkombank permit

Article Abstract:

Inkombank, a key financial institution in Russia, had its banking license revoked by the central bank of Russia for alleged violation of economic rules. The central bank alleges that Inkombank mismanaged the maturities of its obligations and entered into highly risky forward currency contracts. Inkombank's president, Vladimir Vinogradov, stepped down from his post days earlier. Inkombank is the first bank to receive such an action since the start of a financial crisis that has caused insolvency to many Russian banks.

Comment:

Has banking license revoked by central bank of Russia for alleged violation of economic rules

Commercial Banks, Commercial Banking, Government regulation (cont), Inkombank Joint Stock Bank

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