{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='RUSSIA: IMF LOAN NEGOTIATIONS SUSPENDED' data-url='/boclips/videos/5c54c16ad8eafeecae151fe7' data-video-url='/boclips/videos/5c54c16ad8eafeecae151fe7' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nRUSSIA: IMF LOAN NEGOTIATIONS SUSPENDED\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eRussian/NatNegotiations between the IMF and Russia on a new six-billion dollar standby loan have been suspended after three weeks of negotiations. IMF managing director Michel Camdessus said today that they were disappointed with...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eRussian/Nat\u003cbr/\u003eNegotiations between the IMF and Russia on a new six-billion dollar standby loan have been suspended after three weeks of negotiations. \u003cbr/\u003eIMF managing director Michel Camdessus said today that they were disappointed with Russia's failure to keep inflation down.\u003cbr/\u003eThe announcement comes as a blow to Russian reformers who point to the political instability caused by the war in Chechnya as being a major factor in the IMF's decision. \u003cbr/\u003eThe war in Chechnya is now into its ninth week. Although Russian troops control most of the capital Grozny, they continue to be frustrated by hundreds of snipers loyal to President Dudayev.\u003cbr/\u003eThe conflict has now turned into a long and laborious house-to-house\u003cbr/\u003esearch which may take months. \u003cbr/\u003eThe actual costs of the war in Chechnya are minimal, representing not even one per cent of the gross national product, but the political uncertainty caused by the\u003cbr/\u003ewar is likely to cost the Russian government dear in terms of the\u003cbr/\u003eWest's concern at releasing much-needed credits.\u003cbr/\u003eThis was confirmed today by Russian politicians just back from the economic\u003cbr/\u003eforum in Davos. \u003cbr/\u003eSOUNDBITE: (Russian) A large number of influential financial organisations were present and the assessment was the same - Russia is a dangerous country, Russia is an unpredictable country and there are a great many problems with political stability and the\u003cbr/\u003emarket economy and Chechnya represents a dangerous factor that the chances of credits being given while the conflict is still underway are fewer and everything will depend on when the military action in Chechnya will end.\u003cbr/\u003eToday's decision by the IMF to suspend talks about issuing a six billion credit loan only confirms the view in Moscow that the war in Chechnya has done much harm to the Russian government's credibility in the international arena.\u003cbr/\u003eThe IMF's main criticism of the Russians is that they have failed to keep to their promise of single-digit inflation and that the budget for 1995 passed by the Duma is unrealistic, a view shared by Western economists in Russia.\u003cbr/\u003eI think the assumptions in the budget are clearly very dubious. A lot of the estimates of inflation have since been outstripped since the budget was drafted, even the latest version\u003cbr/\u003ePart of the problem lies with the Duma. Having passed the budget for 1995 they then passed a law raising the minimum wage by 164 per cent. Officials warn that such a law will only bloat the deficit and fuel inflation, currently running at 19 per cent, its highest for a year.\u003cbr/\u003eThe IMF's other complaint is that despite years of pressure, the Russian government continues to pour trillions of rubles annually into subsidies for factories that have changed little since the Soviet era.\u003cbr/\u003eIt is widely felt that the IMF has no choice but to continue financing the Russian reform programme even if the money they release is in the form of a steady trickle rather than the flow that the government wants. And even those who have criticised the government's budget admit that gains have been made. \u003cbr/\u003eSOUNDBITE: We're far nearer stabilisation in Russia than we were\u003cbr/\u003ea year ago. It seems to me that policy makers genuinely understand\u003cbr/\u003enow the political benefits of ending inflation and the monetary\u003cbr/\u003etightening that needs to happen if inflation is indeed going to end.\u003cbr/\u003eBut if the Russian government is going to win back the confidence of Western financial\u003cbr/\u003einstitutions, they will have to wake up very soon to the political benefits of bringing the war in Chechnya to a swift close.\u003cbr/\u003e1. Russian soldiers riding APC (recent shots)\u003cbr/\u003e2. Soldiers in makeshift trench\u003cbr/\u003e3. Various: Soldiers on house to house raid\u003cbr/\u003e4. News Conference with Russian Deputy (7th February 1995)\u003cbr/\u003e5. cutaway press\u003cbr/\u003e6. SOT: (Russian)\u003cbr/\u003e7. Exterior IMF\u003cbr/\u003e8. c/u IMF sign\u003cbr/\u003e9. Various interior IMF\u003cbr/\u003e10. SOT: British analyst \u003cbr/\u003e11. Inside Duma\u003cbr/\u003e12. Russian speaker\u003cbr/\u003e13. c/u screen showing exchange rates\u003cbr/\u003e14. Russians at  exchange bureau\u003cbr/\u003e15. Interior factory\u003cbr/\u003e16. Various: workers in factory\u003cbr/\u003e17. SOT: British analyst\u003cbr/\u003e18. 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