• ACI Russia

08/20/1998 10:06:38 (А) Кириенко встретится сегодня с иностр. инвесторами

MOSCOW, Aug 20 (Reuters) - Russian Prime Minister Sergei

Kiriyenko was due on Thursday to meet foreign banks to clarify

the crisis monetary measures which the government took this

week, including an overhaul of the debt market, bankers said.

Rair Simonyan, president of Morgan Stanley's Russia

operations, said the meeting would begin at 1400 GMT at the

government White House building.

One of the main items on the agenda will be the

government's planned overhaul of the short-term debt market,

worth between $40 billion and $45 billion, which analysts say

is some two thirds of outstanding domestic debt.

"We have a list of issues we want to clarify, we have

prepared moreover our strategies for fixed income," Simonyan

told Reuters.

The meeting comes amid worries foreign investors are going

to be discriminated against in the planned swap of short-term,

GKO t-bill and OFZ bonds for longer-term paper, aimed at

relieving the strain on the state's budget.

Investment bank Credit Suisse First Boston (CSFB) said

preliminary details of the swap leaked on Tuesday would

discriminate against foreign investors, who would get less

money back from their Russian debt investments than Russians.

Western bankers and analysts have said any debt conversion

which discriminates against foreign banks could shut the door

to Russia on future Western finance.

Simonyan said that top debt negotiator Anatoly Chubais

would be at the meeting as well as other leading central bank

and finance ministry officials.

"The questions are more or less typical for all investors,"

he added.

Deputy Prime Minister Boris Fyodorov, who is also the head

of the national tax service, was due to separately meet senior

officials Russian oil companies, a senior tax office official


"We are going to discuss the payments of taxes, as another

meeting of the interdepartmental commission is scheduled for

next week," Vladimir Popov, the head of the department in

charge of reclaiming tax arrears, told Reuters.

The commission, which regulates the access of companies to

oil pipelines and terminals, is headed by the First Deputy Fuel

and Energy Minister Viktor Ott. It normally meets once a month

to establish the volume of oil exports.

Earlier this month the commission cut access to export

pipelines in August to SIDANKO by 223,000 tonnes and to

Russia's eighth biggest oil producer, Onako <ORNB.RTS>, by

37,000 tonnes for failure to pay taxes in time.

((Patrick Lannin, Moscow Newsroom, +7095 941-8520


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