The International Monetary Fund said on Feb 16, 2001 its latest talks did not attain the approval Russia needed to start negotiations on restructuring Paris Club debt. Its discussions in Moscow had yielded "significant progress", however. Officials had few expectations of new lending as a result of the IMF mission, led by deputy director of the 2nd European Department Gerard Belanger, but it had hoped for a nod that would launch talks on $38.7 billion owed to country creditors.

Russia's failure