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. Last Updated: 07/27/2016

Russia Nears 1-yr IMF Deal

The Russian government and a mission of the International Monetary Fund have reached outline agreement on a one-year cooperation programme, a government official said Monday.

"Yesterday talks with the IMF's Moscow representative office ended after two at night, but we have managed to complete agreeing the programme at this level," Gennady Yezhov, spokesman for Deputy Prime Minister Alexei Kudrin, told Reuters.

"Now the programme will go to Washington."

He said the one-year deal was part of a three-year economic plan, currently in the works.

Prime Minister Mikhail Kasyanov has said Russia needed a three- to four-year programme with the IMF to help the country deal with a crippling debt burden in 2003.

Russia's relations with the IMF chilled after the 1998 economic crisis which undermined the country's IMF-agreed programme.

The governemnt needs the deal with the Fund urgently to start talks on restructuring a $40 billion Soviet-era debt to the Paris Club of creditor nations.