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Gold/Mining/Energy : Gold Price Monitor

GDXJ 114.20

-0.4%

Dec 18 4:00 PM EST

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To: goldsnow who wrote (4033)	12/9/1997 6:19:00 PM
From: goldsnow	Read Replies (2) of 116815

Another $1.6 bln is just about to disappear from the face of the earth into the Neverland (but that is a change in comparison to what was and will be wasted, but ..always more can be printed.. Russia has only $4 bln in gold..1 month spending under current conditions World Bank set to offer Russia $1.6 bln this year 02:49 p.m Dec 09, 1997 Eastern WASHINGTON, Dec 9 (Reuters) - Russia could win promises of up to $1.6 billion by the end of this year in two World Bank loans to support budget and coal sector reforms, officials said on Tuesday. A spokeswoman said the World Bank's board was expected to vote within the next two weeks on an $800 million structural adjustment loan to help the government carry out economic reforms and an $800 million loan for the coal sector. ''These two loans are expected to be considered by the board before the end of the year,'' she said. She could not say over what period Russia would receive the money, what conditions would be attached to the loans or how the money would be used in the two programs. Russia has already received one coal loan to reform the industry. The World Bank wants Russia to close down unproductive mines and spin off coal company subsidiaries. It was not clear if Russia would be able to use the loan to pay wage arrears in the sector. Russia, facing crippling wage arrears and higher costs for foreign and domestic borrowing, has been looking at ways to close a yawning budget gap and bring its economic reform program back on track. The cash-strapped government is struggling to pay off trillions of rubles of wage arrears by year-end -- a deadline set by President Boris Yeltsin, who has staked much political capital on eliminating the wage debt. A government minister said on Tuesday that Russia and the International Monetary Fund (IMF) had discussed providing Moscow with a Korean-style stabilization package, but such financing was not needed at present. The IMF has halted payments on an existing $10-billion 3-year loan to Russia because it is worried about dismal tax revenues. ^REUTERS@ Copyright 1997 Reuters Limited. All rights reserved.

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