(27 Mar 1999) Russian/Eng/Nat
SOURCE: APTN

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The head of the International Monetary Fund has said heightened tensions over NATO bombings in Yugoslavia should not affect negotiations over a new loan package for Russia.

Michel Camdessus, the I-M-F's managing director, told reporters Saturday that the fund hopes to quickly come to an agreement on new loans with Russia.

Camdessus said that his talks would not be affected by the rift between Russia and the West over the Kosovo crisis.


Camdessus had been scheduled to meet with Prime Minister Yevgeny Primakov in Washington, but the Russian government leader canceled the trip midair, after learning the NATO airstrikes were imminent.

Camdessus then agreed to come to Moscow.

Russia badly needs loans to avoid defaulting on huge foreign debts.

The government was forced to devalue the ruble and default on some debts last August when Russia was hit by the global crisis in developing economies.

Primakov's government has been unable to revive the economy, which remains in deep recession.

The government claims that months of talks with the I-M-F will result in a new loan deal soon, but the I-M-F has not indicated how it will respond.

SOUNDBITE: (English)
"And what I would like to achieve of course is a solid, credible agreement which could assist your country in very difficult circumstances."
SUPERCAPTION: Michael Camdessus, I-M-F Managing Director

While stating that he would not be affected by the rift between Russia and the U-S over NATO strikes on Yugoslavia, Camdessus refused to comment further on the situation surrounding the war-torn region.

SOUNDBITE: (English)
"In no way, and I must tell you that you shouldn't expect from myself today, tomorrow or the day after, any comment on diplomatic affairs on which I have, as a human being, my own views but on which I can not comment because they are not part of my mandate."
SUPERCAPTION: Michael Camdessus, I-M-F Managing Director

Camdessus meet with Russia's finance minister Mikhail Zadornov on Saturday.

Zadornov told reporters that he expected to conclude a deal with the I-M-F during Camdessus' visit.

He emphasized that the government was willing to do everything in its power to find a compromise with the fund on several remaining obstacles to an agreement.

Primakov's government has been unable to revive the economy, which remains in deep recession.

I-M-F approval for Russia's economic programme would open the way for a string of other talks with creditors as the country tries to ease its 140 (b) billion U-S dollar debt burden.

Camdessus will meet with Yevgeny Primakov on Monday.

He is also scheduled to meet with Communist Party leader Gennady Zyuganov.

APT

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