| 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.
|
