The Russian news agency Itar-Tass says that the World Bank has
approved a new loan to Russia of one-point-two billion dollars for structural reform of the economy.
It said Moscow would receive the money in four separate instalments.
The money would be used to support the Russian government's economic and financial reforms.
It said Moscow would receive the money in four separate instalments.
The money would be used to support the Russian government's economic and financial reforms.
Turkey close to new loan
The head of the International Monetary Fund (IMF) has said he would recommend a new loan for Turkey, as efforts continue to prop up the country's tottering economy.
If the IMF loan is agreed, it will represent the third time that Turkey has been bailed out this year.
IMF managing director Horst Koehler said after an informal board meeting that Turkey's performance under its existing $19bn loan was "very strong", but that he would push for rapid pay-out of the next $3bn instalment, as well as the negotiation of a new standby loan.
Turkey is suffering a budget shortfall of $10bn, largely as a result of its dramatically slowing economy, which has worsened sharply since 11 September.
The Turkish economy is predicted to contract by 8% this year.
Rocky relations
Previous IMF programmes in Turkey have not always run smoothly
If the IMF loan is agreed, it will represent the third time that Turkey has been bailed out this year.
IMF managing director Horst Koehler said after an informal board meeting that Turkey's performance under its existing $19bn loan was "very strong", but that he would push for rapid pay-out of the next $3bn instalment, as well as the negotiation of a new standby loan.
Turkey is suffering a budget shortfall of $10bn, largely as a result of its dramatically slowing economy, which has worsened sharply since 11 September.
The Turkish economy is predicted to contract by 8% this year.
Rocky relations
Previous IMF programmes in Turkey have not always run smoothly
Rocky relations
Previous IMF programmes in Turkey have not always run smoothly.
Horst Koehler: Broadly pleased with Turkey's progressTurkey's current predicament is at least partly the result of an IMF decision to suspend its $19bn loan programme, citing the government's slow progress in implementing key reforms.
Relations have now been patched up, but the IMF has not come up with fresh funds as quickly as the Turkish government would like.
Mr Koehler said that the Turkish authorities were now committed to further efforts on fiscal policy, banking and structural reforms, and to build support among the private sector.
Previous IMF programmes in Turkey have not always run smoothly.
Horst Koehler: Broadly pleased with Turkey's progressTurkey's current predicament is at least partly the result of an IMF decision to suspend its $19bn loan programme, citing the government's slow progress in implementing key reforms.
Relations have now been patched up, but the IMF has not come up with fresh funds as quickly as the Turkish government would like.
Mr Koehler said that the Turkish authorities were now committed to further efforts on fiscal policy, banking and structural reforms, and to build support among the private sector.
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