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Republics allowed to defer debt repayment

EC to sell food aid in Russia
MOSCOW. Jan 8: The European Community will sell and not distribute free-a food aid package worth 240 million dollar in Moscow and St Petersburg over the next two months, a senior EC official said on Friday, reports Reuter
The food will be sold to Support market reform, this is not profiteering. this is a pel Icy of double support EC envoy Michael Emerson told a news
He was speaking one day after almost all prices' were freed in the Russian federation, ending 70 years of Communist controls which had kept them artificially low and exposing 190 million Russians to a sharp rise tn their cost of living.
Profits from sales of EC food— which includes meat powdered milk and butler— to those who can afford to buy would go into a special fund to ii- poorest. Emerson
The money would be accumulated at special bank accounts of administrations of
both cities
Emerson said the EC was determined to help Russia carry out Its radical economic reform plan and ease the hard ship* of Ihe population during the painful transition lo a mar ket economy.
He said he hoped market Ing the food would help bring at feast some supplies to now-bare shop shelves Five per cent of the food would be dis Irtbutcd lo the poor directly and not sold
The aid worth 200 million Ecu was already being delivered by plane and truck lo Russia's two- btggesl cities, Emerson said. Marketing will start within a few days
EC officials and specially hired western experts will monitor delivery of the food lo storehouses, selling it first lo shops St whi I Emerson called reasonable prices and then lo customers lo prevent abuse
Before President Boris Yeltsins attempts lo move from a Marxist lo a market economy, scarce food delivered to shopi was traditionally hidden from customers and sold for bribes.
AP from Paris discloses: Seventeen Western creditor nations agreed Saturday lo al-
low eight former Soviet republics lo.suspend debt payments until the end of 1992.
The agreement allows deferral on the principal of medium-and long term external debts contracted before Jan I. 1991 and falling due between Dec 5. 1991, and the end of 1992, according to a statement.
A participant at the meeting said the deferral involved a total of 3.2 billion dollar. He • poke on condition fof anonymity.
The decision came after two days of closed- door meet £1* between the 17 nations, a legation for the republics headed by Petr Aven, the co-chairman of the Inter-State Council on Supervision of Foreign Debt Servicing, and Tonias Alibegov, first deputy chairman of the former Soviet foreign trade bank, Vnesheconombank.
The Group of Seven leading Industrial democracies agreed in lute November to work out an arrangements for debt rescheduling, and the meeting was viewed as a starling point for debt talks with the newly independent republics.
The lending nations reviewed the eight republics
cash crisis as well as conanit-townta to resolve X. according to a slalcmcnl re toward. The statement streased the Impor lance of the Memorandum of Understanding signed Oct 28. IMI, by the eight republics and the Soviet Union In which the republics declared them •elves liable for the nation's external debt.
The statement also said that for ihe deferral lo remain valid, payments on non-de forced amounts must be made on due dales.
In his presentation. Aven said that ambitious economic and structural adjustment pro gramme were lo be Introduced in the first quarter of 1992 in order to libe ralize prices and exchange rales and reduce public expenditures, monetary growth and fiscal deficits.
The eight republics Involved in the agreement arc: Russia. Belarus, Kazakhstan, Armenia. Kyrp-zslan, Moldova. Tajikistan and Turknxntolan
The 17 lender nations arc: Australia. Austria. Belgium. Britain, Canada. Denmark. Finland. France. Germany. Italy. Japan, the Netherlands. Norway. Spain, Sweden. Switzerland and the United Slates