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. Last Updated: 07/27/2016

World Bank Loan Less Interesting

TOKYO — Russia's interest in a new structural adjustment loan from the World Bank has faded, but the bank would stand ready to negotiate fresh financing if asked, a senior official said Tuesday.

Johannes Linn, the World Bank's vice president for Europe and Central Asia, said Russia, which had asked for a new adjustment loan late last year, currently had no great financial needs.

"If the government is willing to move forward without a loan, so much the better. But if they ultimately ask for a loan, we would be ready to consider it, provided the IMF program is on track and provided there is enough progress in terms of reforms," Linn told reporters.

Linn said Russia's promising economic outlook gave it an opportunity to make badly needed structural reforms in a host of areas, including the climate for foreign investment and small enterprises, public-sector administration and strengthening the social safety net.

Linn was in Tokyo for talks with the government and business leaders about Japanese participation in development projects in Russia and Central Asia.

He said Japan had expressed interest in co-financing opportunities with the World Bank in Russia, possibly in the coal sector — which they have jointly financed in the past — or to support general reforms.