Where Did Russia?S Money Go?
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The Money Trail: Where Did Billions in IMF Aid to Russia End Up?
In July 1998 the International Monetary Fund loaned Russia $4.8 billion in emergency funds. The IMF insists the money wasn't "diverted" because most of it went into the hard-currency reserves of the Russian Central Bank. What may have happened to the cash:
1IMF FUNDS
$4.8 billion The IMF makes its loan to Russia in the hope that it will help Moscow's Central Bank to defend the ruble--a key economic goal for the fund.
2MIN. FINANCE
$1 billion In a break from the IMF's usual practices, some of the loan is sent directly to Russia's Ministry of Finance, which uses most of it to pay government debt.
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