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To: hunchback who wrote (33739)	5/13/1999 5:51:00 PM
From: Alex	Read Replies (3) \| Respond to of 116768

World Bank Suspends Loan to Russia <Picture> Moscow-May 13-FWN/UPI--The World Bank has suspended negotiations on a $3 billion loan package to Russia following Wednesday's sacking by Russian President Boris Yeltsin of Prime Minister Yevgeny Primakov and his entire Cabinet. World Bank President James Wolfensohn said the bank was on the verge of completing negotiations on the loan, but the latest shake-up in Moscow has jeopardized the deal. The Bank's chief representative in Moscow, Michael Carter, said the lending organization had expected to complete negotiations in June, but "in light of the change in circumstances, this (session of talks) will now probably be postponed indefinitely." The Bank had recently agreed in principle to loan Russia $2 billion and support a Japanese loan for over $1 billion, following progress in talks between Russian negotiators and the International Monetary Fund. The IMF, which placed its own billion-dollar loan package to Russia on hold last August after Russia's refusal to adopt stringent economic reforms, looked set to resume disbursement of $4.6 billion in the near future after months of talks. As the Primakov Cabinet watched in horror while its work on wooing international lenders back to Russia unravelled, Primakov reportedly called Wolfensohn today, asking him to continue with the loan negotiations despite the turmoil in Moscow. The state-owned Itar-Tass news agency said "Wolfensohn's reaction was favorable," while World Bank officials had no comment on the report. (c) Copyright 1999 FWN futuresource.com