Russia Moves Closer Getting To Imf Loan

The lower house of Russia’s parliament Friday approved the government’s 1995 austerity budget, a move that brings Russia one step closer to winning a crucial $6.3 billion loan from the International Monetary Fund.

The 273-93 vote by the State Duma must be confirmed in a final, generally pro forma vote several weeks from now. It will then be sent to the less powerful upper house for approval.

Adoption of the $62 billion budget is critical for the government since the IMF has demanded proof of Russia’s determination to bring runaway inflation and deficits under control before agreeing to loan Russia more money.