Russia `misused World Bank $1.4bn'
Wednesday 23 September 1998
Russia's Audit Chamber added its voice to a growing chorus of concern about the fate of billions of dollars which were lent to Moscow in a vain effort to avert a melt-down, including the first tranche of a $23bn IMF- supervised rescue package.
The chamber, a budget watchdog under parliament, has concluded that the government misused a $1.4bn World Bank loan by channelling the money into its cash-starved budget and into servicing foreign debts, instead of on structural reforms, as intended. A senior official also claimed that an audit of the Russian Central Bank had uncovered "gross violations" of the law.
Although the chamber has a record of criticising the government with little result, it is far from alone. Russia's chief auditor, Venyamin Sokolov, has said that the Central Bank stole or wasted billions of dollars from the IMF - a claim which prompted a call from Tony Blair for an overhaul of the fund and the World Bank.
Russia's procurator-general has also announced an investigation into the bank, saying that preliminary findings suggested irregularities.
The allegations diminish still further Russia's chances of getting any more funds out of the world's lenders. In particular, they will further jeopardise the next $4.8bn instalment of the now discredited rescue package from the IMF. No lesser figure than Helmut Kohl, Boris Yeltsin's best friend (and biggest creditor) in the West, has said that further funds cannot be justified.
- 1 Isis 'jihadi bride' claims forced sex with Yazidi girls is never rape because Koran condones it
- 2 Woman accidentally shoots herself in the head while posing for a selfie
- 3 Art Garfunkel: Paul Simon is a 'monster' with a Napoleon complex
- 4 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Isis 'jihadi bride' claims forced sex with Yazidi girls is never rape because Koran condones it
Woman accidentally shoots herself in the head while posing for a selfie
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...