But the loan has set the stage for a series of compromises that could put Russian finances back on track. Both the Paris Club of official lenders and the London Club of commercial creditors will meet this week to deal with the problems of Russian debt.
Japan is also ready to resume lending.
But the IMF action also follows a series of compromises that have already taken place. For months after the August default, IMF officials were adamant that they would not permit further financing that would amount to a simple rollover of past loans, although analysts say it appears they have now done exactly that. The IMF also insisted that a series of measures would have to be passed by the State Duma and implemented before there could be more loans. The Duma passed some measures but recessed with more work to be done. The Russian government has agreed to call the Duma back into special session in August to reconsider at least one rejected measure, while President Boris Yeltsin pledged to impose a four-fold increase in the land tax by decree.