Lagging on Year 200 bug, Russia starts major effort
Article Abstract:
Russian officials estimate there are 56,000 computer systems run by the government, 16,000 of them critical. Many agencies and businesses are already strapped for cash as the economy falters. Software makers are hesitant to extend credit further for upgrades and fixes to make systems Year 2000 compliant. Officials estimate $1 bil to $3 bil is needed overall. The military says $4 mil would upgrade weapon systems to standard; most of the software code there is not date reliant. Utilities and airlines are areas of concern. Many international firms have arranged for backup power supplies and are stockpiling materials. Some have said shipments will cut off Jan 1.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1999
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Russians say loan by IMF may fall short of the need
Article Abstract:
The Yeltsin Government is pushing for a $10-15 billion loan package from the IMF and other international lenders to ease Russia's financial crisis. The majority of the funds are needed to prop up the central bank's $15 billion reserves. Russian officials, who are under international pressure to reform their economy and cut the national deficit to between 2% and 2.5% from the current 5.5%, believe that the IMF will be willing to provide only $5.6 billion in new loans. But Western investment bankers claim that Russia, which is experiencing a decline in stocks, bond, and currency prices, may need $20 billion or more for economic recovery.
Comment:
Russia: Seeks $10-15 bil in new loans from IMF and other international banking institutions
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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I.M.F. giving Russia $670 million loan
Article Abstract:
The International Monetary Fund (I.M.F.) has announced that it would grant Russia $670 million by the end of June, 1998. The I.M.F. prefaced the loan on President Boris Yeltsin devising a deficit-reduction plan. In an attempt to shore up the country's finances, the Kremlin has undertaken programs to prosecute tax fraud and to collect back taxes; the Russian government expects to collect about $830 million alone in tax arrears in June, 1998. An I.M.F. official stated that the loan, along with the current economic reforms, should suffice to stabilize the Russian economic markets.
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Russia: The International Monetery Fund grants Russia a loan of $670 million by the end of June, 1998
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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