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. Last Updated: 07/27/2016

Japanese Loan Talks Started

Russia has started talks with Japan on $200 million in loans to restructure the coal industry and to carry out structural reforms, a government official says.

"Negotiations with the Japanese side have started with the aim of getting money under co-financing [with the World Bank] on a coal tranche and a planned credit on structural reforms," Finance Minister Mikhail Kasyanov said at a news conference Tuesday, adding that the government expected the money to arrive in August.

Kasyanov reiterated that the government expected to get $100 million from the World Bank to restructure the coal industry and $100 million in Structural Adjustment Loan-3 in August.

Russia and the World Bank have agreed on programs worth about $2.3 billion over the next two years, plus $1 billion in related credits from Japan.