Install

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

. Last Updated: 07/27/2016

IMF: Russia Will Not Need Loans

WASHINGTON -- The International Monetary Fund said Thursday it does not believe the recent drop in oil prices will force Russia to require loans from the IMF or others to maintain its budget.

"It is our view and assessment at this point that [the decline in oil prices] is not at a state where it would cause us to change our view that the Russian fiscal and external situation over the next couple of years is sustainable without need for recourse to the fund or other points of external support," IMF spokesman Tom Dawson said at a news briefing.

Russia has faced a fall in revenues recently due to the drop in the price of oil. On Monday, Finance Minister Alexei Kudrin said his country could still avoid borrowing from the IMF next year despite that drop in revenues.

Russia depends heavily on revenues from oil exports for its budget needs but the price of crude has fallen due to a global slowdown in demand.

"We will not need IMF credits. Russia has enough of its own financial instruments that will be used to fulfill the budget," Kudrin was quoted as saying by Russian news agencies.