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. Last Updated: 07/27/2016

Minister Says Exit Damages IMF Discourse




Mikhail Zadornov, who quit Friday as a first deputy prime minister in the new government, said his resignation would complicate negotiations with the International Monetary Fund.


"This [my resignation] will, of course, make talks with international [financial] organizations more difficult," Zadornov said on NTV television.


But he said Russia would eventually receive $4.5 billion in loans from the fund under an agreement reached by the previous government last month.


He said the previous government had been on the verge of implementing preliminary measures required by the IMF as a condition for releasing the money.


"That is why, despite everything, I count on fulfilling the agreement, and we shall first get a rollover on debts that are literally strangling Russia, and will be able to preserve macroeconomic stability," Zadornov said. "I mean I am counting on the government and the Central Bank coping with this."


IMF approval of Russia's economic program and the release of the new credits would open the way to formal restructuring negotiations with the country's numerous creditors.


Zadornov said he would attend a government meeting Saturday. A joint government-Central Bank economic program, required by the IMF, is to be discussed.