HC Deb 12 April 1994 vol 241 c56W
Sir Thomas Arnold

To ask the Chancellor of the Exchequer what are the full terms of the latest agreement between the International Monetary Fund and Russia; and if he will make a statement.

Mr. Nelson

[holding answer 31 March 1994]: A joint communiqué was issued on 22 March by the managing director of the IMF and the Russian Prime Minister announcing that agreement would soon be reached on the terms for the disbursement of the second tranche of the systemic transformation facility—$1.5 billion. Those terms were to be outlined in a Russian Government memorandum of economic policy to be presented to the IMF. As yet, that memorandum has not been finalised.

I very much welcome the progress made towards agreement between the Russian Government and the IMF.