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

. Last Updated: 07/27/2016

Russia Seeks $2Bln In '97 IMF Loans

Russia hopes to receive $2 billion in loans from the International Monetary Fund in four equal tranches this year, according to a letter from Prime Minister Viktor Chernomyrdin to IMF managing director Michel Camdessus cited by Interfax.

Under the three-year, $10 billion loan agreed to in February 1996, Russia was to receive approximately $3 billion in 1997. But concerns about Russia's poor tax collection led the IMF to delay disbursements of this year's tranches, a move which culminated in a restructuring of the loan agreement late last month.

Chernomyrdin said the government is likely to ask the IMF to extend the loan program beyond its targeted end in March 1999 because of the delays in this year's disbursements, Interfax reported.