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G-7 agrees to defer Soviet repayments
MOSCOW, Nov 22; The world • richest democracies agreed Thursday to defer 3 6 billion Dollars in Soviet debt payments to help restore the ports AR*
The democracies slso of fared s 1 billion Dollars loan io eight Soviet republics, but said this depends on some Soviet gold holdings being used ss security for the loan.
Earlier, Ivan Sllaycv, the central government's top economist, had said that the 0-7 countries had dropped a demand that half of the Soviet gold reserves be put up ss col-
Later, however, US representative David Mulford said the 1 billion Dollars loan offer was in fact contingent on a gold swap deal. Under It. the republics would sell gold with an option lo buy It back later at a fixed price, he said
Their feeling was that they would like that option,'' Mulford said of the republic leaders.
The package, coupled with other Western aid. Is designed to help the disintegrating country survive the winter end begin the difficult transition to s market economy. The agreement Illustrates the degree to which the power in the Soviet Union haa now all but passed from the Kremlin to the republics
The Group of Seven Industrial countries demanded Wednesday that the Soviets put up 104 metric tons of gold as collateral for the debt relief serhagr. or about 1 billion Dolors worth At current world prices
The group- the United States. Japan. Germany. France. Britain. Italy and Canada -is trying to help the Soviet Union stay on Its feet financially and eventually pay back Ita foreign debt, which one Soviet bank official estimated thi* week at more than 100 blbon Dollars
Soviet President Mikhail S Gorbachev met with the 0-7 finance expert* Wednesday, but the negotiations were con ducted by the republics They have gained control over th* Soviet Union's resource*— and debt — since the August coup attempt, which ted to the fall of the Communist Party
The Soviet Union has had Increasing difficulty paying off Its foreign loom because of the collapse of the centrally directed economy. The August 19-21 coup added to the problem by accelerating the breakup of the
Group of Seven agreed to defer 3 6 billion Dollars principal. Interest payments on the debt would continue, and the deferral would be reviewed March 31 to determine if the Soviets are making
intended to help the Soviet meet short-term debt obligations during the painful shift to a market economy
Silayev had said earlier Thursday that substitute collateral for the gold would be put up in foreign currency, possibly by using the proceeds from the sole of raw materials. He did not give any specifics, the four’dsys’oTtalkB said The debt agreement leaves open the possibility that the Soviets may have to put up their gold If other foreign currency sources are not sufficient '
The communique said the Group of Seven agreed to help the Soviets raise foreign currency through direct Investment by foreign companies, other loans with natural resources as collateral, and the sate of 'certain commodities •nd goods '
Eight of the 12 Soviet re-puMics agreed Tuesday to accept responsibility for the nation's mounting foreign debt, estimated at 66 billion Dollars to 100 billion Dollars The agreement specifies 11 Is still open for signature by the four republics that balked the Ukraine. Georgia. Azerbaijan and Uzbekistan