Western Financial Aid to Russia

Western financial aid may amount to $23 billion if Russia meets the requirements laid out by the creditors, said Finance Minister M. Zadornov today at a press conference after the Russian delegation had returned from negotiations with the IMF and the World Bank in Washington. Zadornov stressed that the announced sum includes partial restructuring of Russia_s $16 billion debt ($8 billion annually) to both the Paris and London Club of Creditors, which is due in 1999 and 2000. The volume of direct financial aid to be granted by international financial organizations and the Japanese government comes to $7.5 billion in the next 18 months. The IMF will provide $4.5 million, the World Bank, $2 billion, and Japan, $1 billion.