Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

IMF to Return After a Week

An International Monetary Fund mission will return to Moscow next week for further talks on Russia's 1997 economic program and delayed payments from its $10 billion loan to Russia, a senior minister said Tuesday.

"In a week's time the mission will be back, and I think then the negotiations will be finished," Vladimir Potanin, outgoing first deputy prime minister in charge of the economy, told the press.

Potanin met the IMF mission Monday with Anatoly Chubais, the new first deputy prime minister and finance minister. There was no immediate comment from the IMF office in Moscow.

Potanin, who has been dropped from the new cabinet now being formed, said the IMF was still concerned at the low level of Russian tax revenues, which has led the fund on several occasions to hold back monthly payments on the $10 billion Extended Fund Facility.

Around $320 million for each of January and February has not yet been paid.

"They are still very dissatisfied with our tax collection, which is still very low," Potanin said.