IMF to Release Payment Of $330 Million to Russia
May 04, 2011
WASHINGTON -- The International Monetary Fund board voted to release a delayed $330 million payment to Russia, part of a $10 billion loan that had been held up this summer over concerns about Russian compliance with its terms. The disbursement of the loan was delayed pending an IMF review of stepped-up Russian tax-collection efforts. Prior to the June presidential election, tax receipts had declined sharply, threatening the government's precarious fiscal balance. The international lending agency said its board finished a fourth monthly review of Russia's compliance and that it was ``satisfied that the Russian government and central bank met their July targets and are pursuing policies consistent with the attainment of the macroeconomic objectives of the program.'' The IMF's 24-member board said it ``welcomed the steps taken to improve revenue performance,'' which had held up the July disbursement. It added that ``discussions are currently being held in Moscow on the second quarterly review'' of Russia's economic performance under the IMF-sanctioned program. The IMF said it plans to consider the results of that review in mid-September.
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