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

. Last Updated: 07/27/2016

Kudrin Says No IMF Funds Needed

Going back on earlier statements that Russia would need loans from the International Monetary Fund next year, Finance Minister Alexei Kudrin said the government has enough money to make it through 2002 on its own.

Kudrin said late Monday that Russia would not ask the IMF for a loan, but would pay back less foreign debt in 2001 than planned.

"We have sufficient means in the budget to live through any economic situation in 2002," he said.

He said Russia would pay $12.75 billion of foreign debt in 2001. Earlier, Moscow planned to pay $14.48 billion.

Kudrin said that by the end of December, Russia's foreign debt would equal 55 percent to 60 percent of gross domestic product, which he called "a normal figure, even for economically developed Western countries."

Russia's budget surplus will be 2.5 percent in 2001, down from 11.14 percent in 2000, he said.

Russia's debt to the IMF will drop to $7.69 billion by the end of the year, which is lower than Russia's quota in the fund, which will enable Russia to "enter a new level of cooperation with world financial organizations," Kudrin said.