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Serious crisis looming

Russia can repay only one-seventh of debts
MOSCOW. Sept 28: Russia cannot pay back more than one seventh of the money it owes western creditors and a serious crisis is in the making un -less bankers agree to reached uic the country s foreign debt. Ihe Russian Economy Minister said. reports AFP
Andrei Nechayev called for the 'understanding of western lenders — who will receive only between 2.5 billion and three bllhon dollar this year — and urged the Paris Club of government creditors to reschedule the outstanding debt
However, the Economy Minister said the Russian gov ernment was moving ahead with reforms, citing the price Increases for petrol and oil-related products which had been demanded by the International Monetary Fund, the Was hlngton based agency which Is one of the main creditors.
But Nechayev said consumer prices could not be hiked as rapidly. Petrol (gas) prices now stand at between 20 and 24 rouble, up from eight rouble
lie also lambasted the Russian central bonk, which Is answerable to the conservative parliament, for cutting Interest rajes, thereby causing the money supply to shoot up wards and Inflation to rise
Wc will try to keep Infia lion at nine per cent a month until the end of the year.'
Nechayev said during a meeting with foreign journalists.
If are are unable to boost interest rales then monthly in fiation may reach 15 or 20 per cent until the end of the year, with an overall annual inflation rate for 1992 of 2.100 per
In 1993 the government plans to stabilise the petroleum sector, improve support for farmers, expand the banking system and continue the conversion of military Industrial plants to civilian used. Ncchuiyev said
Oil output to drop sharply
A Reuter report says : Rus sia’s 1993 oil output will drop to about 340 million tonnes, sharply below an estimated
reports Reuter
Interfax quoted Economies Minister Andre! Nechayev as telling Journalists this figure was based on forecasts by his ministry
But Nechayev said It could fall as tow as 310-320 million tonnes In a worst case see narlo." Interfax added
Nechayev said 1993 oil export volumes to the West would be kept at approximately 1992 levels of 45-50 million tonnes
But he said Russia planned to halve exports to other countries of the Commonwealth of Independent States in 1993.