Rus News Journal

The IMF discusses the reserve credit of Russia

to the Government it is recommended supervise rigidly a policy of the Central bank

the Ten-day break between Russian - the American meeting at the highest levels and the Tokyo session the big seven the international financial organisations use for discussion of the projects of assistance of Russia.
yesterday the president of the European Reconstruction and Development Bank Jacque Attali (Jacques Attali) has urged the West to open again the markets for the Russian goods. Extraordinary session of board of directors of the International currency fund on which it has been decided yesterday has taken place that the sum allocated for the help in carrying out of the Russian reforms, can be increased to $8 mlrd but provided that the government will rigidly supervise a policy of the Central bank.

During participation of Russia in IMF (since June, 1st, 1992) two bilateral agreements - the Memorandum of economic policy and the Program of actions for six months have been concluded. Within the limits of this program of Russia the credit in $1 mlrd (from a total sum of $4 mlrd) has been allocated. In the beginning of 1993 program period of validity has expired. And in March the deputy director 2 - ogo the European department of IMF Ernandes Kito (Ernandes Quito) has carried out with the Russian representatives successful consultations about the further cooperation. A forthcoming series of new negotiations from IMF, in opinion vitse - a premiere of Russia Alexander Shokhin, will come to the end only through 2 - 3 months, though already now it is possible to speak about gravity of intentions of fund concerning Russia . Russia counts on granting to it at least $3 mlrd (according to the last year`s agreement) till summer of 1994. However, it is so obvious that the help in maintenance of the balance of payments of Russia that can demand considerably great sums becomes one of mainstreams of a policy of fund.
to it testify, in particular, and results of yesterday`s discussions in IMF. According to experts of fund, the financial help of Russia can be is increased to $8 billion However the final decision in this respect will it is accepted only after its discussion at a meeting of Ministers of Finance and foreign affairs of the countries the big seven in Tokyo 14 - on April, 15th. In IMF granting of Russia of credits co-ordinate to an establishment of rigid control of the government of Russia over a policy of the Central bank. Though the chairman of the Central Bank Victor Gerashchenko also has been entered into government structure, but to settle relations with bank to Tchernomyrdin`s command yet it was not possible. The IMF, in particular, repeatedly stated the concern to that the Central Bank actively opposes to many anti-inflationary measures. Besides, the bank irregularly and inaccurately represents IMF the information on the operations that is an obligatory preliminary condition of IMF for a following round of negotiations with Russia.