00:0021 мая 199900:00
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00:0021 мая 1999
The Leningrad Oblast administration has received a written agreement by the organisers and participants of a $50m syndicated loan secured by the oblast in May last year, to restructure the loan period to end by 2001. The agreement itself is to be signed i
<BR>The Leningrad Oblast administration has received a written agreement by the organisers and participants of a $50m syndicated loan secured by the oblast in May last year, to restructure the loan period to end by 2001. The agreement itself is to be signed in the next two months, after the oblast government has adapted the local budget. "By the end of 1999 the total payments connected with the loan will approach $8 million, so of course the budget needs to be altered," says Dmitry Shiryaev, deputy chairman of the oblast finance committee.<BR>"The schedule accepted by the creditors includes a payment by the oblast of $3 million in 1999, $25 million during 2000 and $22 million by 5 May 2001. At the same time, the oblast will continue to pay interest on the loan twice annually ($2.353m on 5 May and 5 November). After negotiations, the interest rate remained at LIBOR+4.25%," he said.<BR>According to Shiryaev, creditors will exercise strict control over the loan repayment schedule, and can declare default on the oblast's internal debt at any moment, if the oblast violates the schedule. Talks between oblast authorities and creditors have lasted for more than three months since the start of the year.
