Russia to contribute $8.6-mln to IMF poverty alleviation program

MOSCOW, August 9 (RIA Novosti) - Russia will contribute about $8.6 million to the International Monetary Fund in 2006-2008 under the IMF program to alleviate the debt burden of heavily-indebted poor countries, the government's press office said Wednesday.

Prime Minister Mikhail Fradkov signed a resolution under which Russia will transfer 1.71 million Special Drawing Rights (about $2.57 million) in 2006, 2 million SDRs (about $3 million) in 2007 and 2 million SDRs (about $3 million) in 2008 to the IMF Poverty Reduction and Growth Facility.

Russia will make contributions, following the decisions passed at a summit of the Group of Eight industrialized nations in Gleneagles in July 2005, the press office said.

The Russian government gave instructions to the Finance Ministry to inform the IMF of its decision and harmonize the schedule of voluntary payments. The Finance Ministry will also use federal budget funds to finance IMF contributions in 2006 and set aside money for these purposes in draft federal budgets for 2007-2008.

Russia will also transfer 49 million SDRs (about $73.5 million) to the IMF in July-October 2006 under its IMF membership obligations, the press office said.

One Special Drawing Right equaled about $1.5 as of August 8, 2006.