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

. Last Updated: 07/27/2016

World Bank to Decide on $250M Loans

The World Bank supports the main points of the new federal economic program and plans to release $250 million for some earlier agreed on loans to back the reforms, bank officials said Monday.

World Bank President James Wolfensohn discussed economic plans with President Vladimir Putin, Prime Minister Mikhail Kasyanov and members of the government's economic team during his visit to Moscow last weekend.

Michael Carter, World Bank country director, said the bank was likely to decide in a couple of weeks on disbursing $250 million of a final third tranche of an earlier agreed on social protection loan.

He added that the government had met key terms for the loan, including agreement to conduct a financial review of pension and social insurance funds.

He also said the bank planned to disburse in September a final $50 million social tranche of a so-called coal loan, and a $100 million final privatization tranche of the same loan.