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. Last Updated: 07/27/2016

Paris Club To Wait for IMF News

Russia will start official debt restructuring talks with the Paris Club of country lenders July 29, a day after the International Monetary Fund board meets, Finance Minister Mikhail Kasyanov said Wednesday.

At a news conference in Moscow, he said that negotiations with the London Club of commercial creditors would start later and he hoped the sides would be able to come to a preliminary agreement on restructuring by the end of the year.

"The approval [of a new lending program for Russia by the IMF board], which we estimate at about 100 percent, will be followed by official negotiations with the Paris Club on the next day," Kasyanov said.

He said plans outlined in a communique signed at a Group of Eight summit in Cologne last month included a transitional agreement on restructuring Russian debt payments due between August 1998 and 2000.

That agreement is to be signed this year.

Russia and the London Club said they would hold another round of restructuring talks Aug. 3.