Imf Approves Loaning Russia $10 Billion

The International Monetary Fund Tuesday approved a $10.2 billion loan for Russia in what amounts to an expression of political support by Western governments for Russian leader Boris Yeltsin in advance of presidential elections in June.

The fund’s 24-member executive board approved the three-year loan despite misgivings about the future of economic reforms in Russia, after Yeltsin’s decision to dismiss several leading reformers in his government. According to Western economists, Russia could receive initial payments of around $1 billion prior to the June election.