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. Last Updated: 07/27/2016

SAL-3 Talks On

  • The World Bank will resume talks with the government this week on ways of supporting structural reforms of the economy, said Michael Carter, World Bank director for Russia, on Tuesday.

    "Later this week we expect to resume discussions on the restructuring or possibly replacement of the Structural Adjustment Loan, SAL-3," Carter told a news briefing.

    World Bank officials previously said the bank would cancel or replace the SAL-3 program, which amounts to $1.5 billion, $1.1 billion of which has not yet been disbursed because Russia failed to meet the conditions for the loan.

    Carter said the terms of the SAL-3 program, agreed in 1998, were very broad and the bank, which is mulling a new strategy for Russia, wanted to focus on certain key areas of structural reforms where it would provide financial support.