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Memorandum of the Government of the Russian Federation and the Central Bank of the Russian Federation on Economic and Financial Stabilization Policies

July 16, 1998

Table 1. Russian Federation: Performance Criteria1
  Dec 97 Q1 Q2 Q3 Q4
  Revalued Outcome Program Program Revised Program Revised
  End-period stocks (in billions of rubles)
Net domestic assets of the MA2 142.1 138.8 161.3 166.8 179.0 172.3 184.3
MA net credit to the enlarged government3,4 191.8 198.9 210.6 214.8 227.5 216.1 228.8
MA net credit to the federal government4,5 199.9 204.1 216.5 220.7 233.4 222.0 234.7
  Cumulative flows from end-December 1997 (in billions of rubles)
Deficit of the federal government6 . . . -38 -71 -113 -113 -152 -152
Deficit of the enlarged government3,6 . . . -56 -78 -125 -125 -167 -167
Federal government cash revenues . . . 59 129 205 205 290 290
  End-period stocks (in billions of U.S. dollars)
Net international reserves of the MA7 3.7 2.4 2.8 3.2 1.2 4.9 2.9
External debt of MA of 1 year or less8 0.7 0.7 1.0 1.0 1.0 1.0 1.0
  Cumulative flows from end-December 1997 (in billions of U.S. dollars)
Disbursement of
   external loans to
   the MA with
   maturities of 9,10
  More than 1 year . . . 0.9 8.2 8.2 8.2 8.2 8.2
    of which: 1-5 years10 . . . 0.0 1.5 1.5 1.5 1.5 1.5
Sources: Russian authorities; and Fund staff estimates.

MA = Monetary authorities.
1There are also continuous performance criteria requiring that no KOs, tax offsets, monetary offsets or other nonmonetary fiscal transactions will be carried out by the federal government, and that no external arrears be incurred.
2 Difference between the end period stock of base money (currency outside the CBR plus the CBR's liabilities to commercial banks on account of legal reserves on ruble and the stock of net international reserves of the monetary authorities valued at Rub 6 per dollar for 1998.
3 Enlarged government is defined as the federal government plus all local and regional governments and all extrabudgetary funds. When measuring the enlarged government deficit, enlarged government spending includes government wage arrears and arrears to pensioners by the Pension Fund.
4Assumes no profit transfer from the CBR to the government; the ceilings will be adjusted downward by the amount of any profit transfer.
5Defined as CBR net claims on the federal government plus the ruble counterpart of the governments stock of net international reserves, adjusted to exclude the impact of changes in the exchange rate.
6Includes all interest due on GKOs as part of expenditures, and defined on a commitment basis to include the net flow of federal government spending arrears, local government wage arrears and Pension Fund arrears.
7 Defined as the difference between foreign reserve assets and liabilities of the CBR, and the government, and the net short-term liabilities held by Vneshekonombank or any other institution on behalf of the government or the CBR.
8 Denominated in foreign currency or with a foreign currency guarantee.
9 Including issuance of bonds denominated in foreign currency or with a foreign currency guarantee.
10 Excluding Eurobonds issued in connection with the debt exchange to retire GKO bonds to take place on July 20, 1998.

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