.IMF okays new portion of loan to Latvia under stand-by arrangement.

WASHINGTON, July 22 (Itar-Tass) -- The Executive Board of the
International Monetary Fund (IMF) has completed the third review of
Latvia's performance under an economic programme supported by a Stand-By
Arrangement (SBA), the IMF press release said.
The Board also completed the financing assurances review under the
SBA. The Board decision makes available an amount equivalent to SDR 90
million (about 105.8 million euros or 135.6 million U.S. dollars),
bringing total disbursements under the SBA to SDR 982.24 million (about
1.15 billion euros or 1.48 billion U.S. dollars).
The Executive Board also completed the financing assurances review
under the SBA and approved a request to waive the applicability of the
end-June 2010 performance criterion on the fiscal balance, as data on this
criterion were not yet available.
Strong policy actions under the SBA have helped stabilise the economy,
restore confidence, and limit spillovers from financial market turbulence
elsewhere in Europe. While achieving substantial fiscal savings, the
government has also sought to protect the poorest, by increasing social
safety net spending beyond amounts in the 2010 budget, to finance active
labour market policies and temporary jobs programmes.

.Russia to play "very important role" for Kyrgyzstan -- Otunbayeva.

BISHKEK, July 22 (Itar-Tass) -- Russia will always play a "very
important role" for Kyrgyzstan, the country's caretaker President Roza
Otunbayeva said in an interview with Russian mass media on Wednesday, July
21.
"Throughout my foreign policy career, Russia has been our strategic
partner and ally with which we are bound and close in all respects," she
said.
At the same time, she said Kyrgyzstan "is gravitating towards Europe"
and wants to learn to live by its standards. "But I think Europe for us
begins in Russia, and we will adhere to cooperation with Russia as a
priority," Otunbayeva said.
She said Kyrgyz law enforcement agencies were working in close contact
with their Russian colleagues.
The president also stressed that an international investigation into
June's ethnic riots in southern regions of the country would begin soon.

.Ilyushin Finance Co signs USD 3-1/2 bln worth of contracts at
Farnborough.

FARNBOROUGH, July 22 (Itar-Tass) -- The leasing company Ilyushin
Finance has signed 3.5 billion U.S. dollars worth of contracts at the air
show at Farnborough, the company's President Alexander Rubtsov said.
"We signed a contract for 20 An-158 planes and a memorandum of intent
for the purchase of 50 MS-21 planes worth three billion U.S. dollars," he
said.
But before a firm contract is signed with Irkut for MS-21 planes, "big
work has to be done," Rubtsov added.
He believes that the MS-21 has a good future "if Irkut enters the
market not later than 2014-2015 as it plans."
In his opinion, Irkut's main risks related to the new plane will be
left behind "when the company builds and tests the wing prototype."
The medium-haul passenger plane MS-21 is expected to go on its maiden
flight in 2014.

.Rosoboronexport plans to sign contracts with Latin America by yearend.

FARNBOROUGH, July 22 (Itar-Tass) -- Russia's Rosoboronexport arms
exporting company plans to sign contracts with several Latin American
countries by the end of the year.
The company's deputy head Alexander Mikheyev said those would include
Chile, Argentina, Mexico, Colombia, and Venezuela.
"We hope that the agreements that have been reached at the top level
will be implemented. We hope to sign the contracts by the end of the
year," he said.
Latin American countries are the most rapidly growing market for
Russian military products. In 2008, Rosoboronexport won the Brazilian Air
Force's tender for the supply of 12 attack Mi-35M helicopters. The
contract was estimated at 225 billion U.S. dollars.
Military-technical cooperation with Peru, suspended in the 1980s, has
resumed. Rosoboronexport has upgraded and repaired 13 Mi-17 helicopters
for the Peruvian Air Force and is now upgrading 19 MiG-29 fighter planes.
However an unquestionable leader in the region in terms of contracts
signed with the Russian company is Venezuela. The value of the contracts
signed exceeds four billion U.S. dollars. This sum can grow to 8-12
billion U.S. dollars in years to come.
Venezuela is finishing the construction of three plants to make AK
assault rifles and cartridges, and an aircraft repair plant for Russian
helicopters.
The country is also buying 10 Il-76MD-90 planes and two Il-78MK tanker
planes. Oboronexport experts believe that Venezuela can also become the
first foreign buyer of Su-35 aircraft.
Caracas has also confirmed its plans to buy up to ten Mi-28NE attack
helicopters in addition to the ten Mi-35M attack helicopters purchased
earlier, and can become a major buyer of T-90S tanks.
Venezuela needs 60 pieces of new military hardware. In 2008, Russia
supplied the last of the eight Su-30MK2 planes to this Latin American
country. It has now begun supplying Tor-M1 anti-aircraft systems.
-0-zak/


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