Russia's Audit Chamber to check efficiency of foreign credit use

The Russian Audit Chamber (the top financial watchdog in the country) is to verify the efficiency of using foreign credits in 2000 and also in the first quarter of 2001, the chamber's information and public relations department said. This decision was taken on Tuesday at a board meeting of the Chamber. Checks will cover funds borrowed as credits (loans) from international financial organisations and credits (loans) from foreign governments, banks and firms. It was pointed out at the meeting that the aim is to check the implementation of a project to expand the credit portfolio and also projects "for a loan to support a social protection reform" and "support for reform in the electrical power sector".

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