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. Last Updated: 07/27/2016

Panskov: IMF Will Issue Loan

Outgoing Russian Finance Minister Vladimir Panskov said Friday he was confident Russia would receive the July and August disbursements of its $10 billion loan from the International Monetary Fund and would seek only slight modification of the terms of the deal.


"I am 100 percent sure that we shall receive both the previous and the current tranches," Panskov told a news conference.


An IMF mission arrived in Russia on Tuesday for a regular monthly review of the economy and to decide whether to recommend that the fund's board disburse the next disbursements due.


Panskov, replaced Thursday as finance minister by Alexander Livshits, took part in the first two days of talks.


The IMF withheld the July tranche because of concern over the size of the budget deficit and growth in money supply.


Panskov said the fund officials particularly objected to the large amount of tax exemptions issued to companies by the government.


He said the government had banned such exemptions as of July 30 and no more were outstanding.


In the first half of the year, Russia collected just over 60 percent of the targeted revenues of 315.71 trillion rubles ($60 billion). Tax exemptions decreased actual revenues by 30 trillion rubles, he said.


Panskov said President Boris Yeltsin would soon sign a decree to improve tax collection and controls on company finances.


Companies will be limited to one spending account and restricted in the amount of money they can withdraw in cash -- a way of avoiding taxes, he said.