Kazakhstan expects $175 mln IMF loan in December 1999 - Nazarbaev

/IRBIS, Dec.1, 99/ - As REUTERS informs, Kazakhstan hopes to get $175 mln loan from the World Bank in December of current year after a approval of Kazakhstani reform plans by IMF, with the reference to the president of Kazakhstan, Nursultan Nazarbaev's speech at the first meeting of a new parliament. "Actually, out program of reforms has already been coordinated with IMF, and I hope, it will be approved in next few days. As a result, the country will get $175 mln loan from the World Bank in December", said the president. Relationship between Kazakhstan and IMF is developing in a normal way, he added. "We heard many talks, as if Kazakhstan broke off a relationship with International monetary fund, and will face big financial difficulties, default and so on - all these are far from a reality", said Nazarbaev. He mentioned the loans were not the only way of covering the budget deficit. "Besides, Kazakhstan launched eurobonds for $375 millions. In this respect, we are the only in CIS who succeeded in this. It means that investors trust Kazakhstan. Let's not hide that we have reserves for, so-called, emergencies", said the president. Three year financing program between Kazakhstan and IMF finished last summer where Kazakhstan received $450 mln. The new program, not approved yet, provides for $400 million to be received additionally. The president says general economic situation is getting better too. "General improvement of the economy leads to improvement in tax collections. Its level is increasing month after month, week after week. Revenues of the budget have been collected for 90 percent of planed amount, including taxes for 96 percent", said the president. "The government should work in this direction", said Nazarbaev.