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Politics : Bill Clinton Scandal - SANITY CHECK -- Ignore unavailable to you. Want to Upgrade?


To: Neocon who wrote (57594)7/29/1999 11:37:00 AM
From: one_less  Read Replies (1) | Respond to of 67261
 
How would joining a Greater Russian Federation help them? Oh, maybe this...IMF Offers Russia $4.5 Billion Loan Lifeline

WASHINGTON, Jul 29, 1999 -- (Reuters) The International Monetary Fund re-opened the lending taps for big borrower Russia on Wednesday, approving a $4.5 billion loan to help Moscow pay its debts and avoid a confidence-cracking default.

But an IMF statement announcing the immediate release of $640 million from the loan also complained of poor tax collection and delayed reforms in the world's biggest country by land area.

Russia, which stunned the financial world with a debt default last year, needed to find "orderly and cooperative" ways to reschedule its debts, the IMF said. Russia should delay additional tax cuts until it improved its dismal record.

"Directors noted that there had been little progress in structural reform since last August, with some reversal in important areas," IMF First Deputy Managing Director Stanley Fischer said in the statement.

"Tackling the pervasive problems of barter and non payments and the acceleration of bank restructuring would be key to the sustainability of macroeconomic stabilization and growth."

The IMF has paid Russia billions of dollars in the past seven years, including an emergency injection of $4.8 billion in July last year. But the economy shows few signs of recovery and the IMF predicted a 2 percent decline in gross domestic product in 1999.

This is the first IMF payment to Russia since the July 1998 loan and since cash-strapped Russia devalued the ruble and defaulted on some debt last August. It should make it easier to reschedule Russian debts from bank and country creditors.

The IMF said Russia would receive the money in seven installments, provided it met its promises to the fund.

In an unusual development, money from the loan will never actually reach Russia, but will be paid directly to an account at the IMF and be used to service Russian debt, IMF officials said when they discussed the credit earlier this year.

Russia has a poor track record meeting terms of IMF loans, and the fund has repeatedly complained about tax collection, mounting arrears and sluggish progress on reform.

The fund has also asked for information about what happened to previous IMF loans, and Wednesday's statement expressed dismay about a previous program that channeled funds through an offshore subsidiary of the Russian central bank.

The IMF said at least one installment of IMF cash would probably have been delayed in 1996, the year when President Boris Yeltsin won re-election, if the IMF had known more about the activities of central bank offshoot Fimaco, based in Britain's tax haven of the Channel Islands.

"Directors expressed strong disapproval of the finding that the channeling by the central bank of domestic transactions through Fimaco ... meant that the balance sheet of the central bank had given a misleading impression of the true state of reserves," Fischer said, using uncharacteristically strong language for the IMF.

But Fischer said there was no evidence that the July 1998 injection of IMF cash had been misappropriated.

Russia promised in a July 13 letter to the IMF that it would publish an independent review of Fimaco's activities, and the letter also contained a candid admission of Russia's past economic mistakes.

"We readily acknowledge that these fundamental elements of the crisis reflect, in part, the fact that the implementation of the government's economic program over the past several years has been incomplete," the letter said.

"The inability of the government to enforce cash payments and pay its own bills in a timely fashion has played a significant role in the spread of the nonpayment problem."

IMF figures show that Russia owed the fund some $17 billion at the end of June, including money from last July's emergency cash injection. ((c) 1999 Reuters)



To: Neocon who wrote (57594)7/29/1999 11:51:00 AM
From: one_less  Read Replies (1) | Respond to of 67261
 
14 Serb victims buried in Kosovo
Earlier in the day, NATO troops rounded up five people for questioning in the massacre.

By Lori Montgomery

KNIGHT RIDDER NEWS SERVICE
GRACKO, Yugoslavia - Under a pitiless summer sun, several hundred wailing mourners gathered in the farming village of Gracko yesterday to bury 14 Serb farmers, victims of the worst mass murder in Kosovo since NATO-led peacekeepers entered the province in June.

Determined to prove their ability to restore order to the war-scarred Yugoslav province, NATO troops raided four homes just before dawn yesterday and detained five men in connection with Friday's massacre, including at least one member of the rebel Kosovo Liberation Army and his father.

The father, Ahmet Baftiu, 63, was questioned for five hours and released. The soldier, Blerim Baftiu, 17, remained in custody after British troops seized a Kalashnikov rifle and a hand grenade at his home, despite his family's protestations that he was not involved in the massacre.

Six other men - arrested late Tuesday in connection with an unrelated grenade attack in the Kosovo capital of Pristina - were also being questioned about the slayings, which have terrified Kosovo's dwindling Serb community.

Only about 500 people, mostly local villagers, turned out for the funeral - testament, Serb leaders said, to an intolerable level of fear among Kosovo's Serbs, who have never trusted the NATO-led peacekeeping force, known as KFOR, to protect them.

"The responsibility for this tragedy lays with KFOR," said Momcilo Trajkovic, president of the Serbian Resistance Party and a leading figure in the postwar Serbian community. "Although they have been present here for more than a month, they are allowing Albanian criminals to judge innocent people."

Throughout the late morning and early afternoon, widows and mothers draped in black wailed before 14 wooden coffins lined up on sawhorses on a concrete basketball court in the center of the dusty farming community. More than a dozen Serbian Orthodox priests chanted and dispensed incense across the sweltering court, as Patriarch Pavle, the Serb church's wizened leader, read a homily in memory of the dead.

"Even though our grief is deep, it would be deeper if they left this world as criminals. Instead, they were innocent victims," Pavle told the mourners, who included Bernard Kouchner, the recently appointed head of the U.N. mission in Kosovo.

"When 1,000 years pass, we can forget this," Pavle said. "But like our ancestors, we must try to find our way forward, so we can continue to live together here."

The killings occurred just after dark Friday, as the farmers returned from their hay fields. Thirteen of the men were gunned down in a group, their faces mutilated by automatic-weapons fire. The 14th was found 100 yards away, slumped at the wheel of his tractor.

British soldiers patrolling nearby heard the gunfire and quickly discovered the bodies of the victims, the eldest of whom was 63. The dead included four members of the Janicijevic family, including 42-year-old Mile, his brother Momcilo, 53, and Momcilo's son Novica, 18.

The slayings marked the single worst atrocity in Kosovo since NATO ended its air war against Yugoslavia in June and began to deploy 50,000 international peacekeeping troops in the southern Yugoslav province. The soldiers arrived with promises to make Kosovo safe for both the 1.5 million ethnic Albanians driven from their homes by Serb forces throughout the spring and for Serbs who chose to stay in Kosovo even as their sometimes vengeful ethnic Albanian neighbors returned.

The NATO peacekeeping force has had a difficult time making good on that promise. More than 140 people have been murdered in Kosovo in the last six weeks, about half of them Serbs.

"If this were an isolated case, if we faced only this situation, the Serbs could keep up with it," Zoran Andzelkovic, the Yugoslav government's representative in Kosovo, said of the Gracko slayings. "But there has been something new every day."