31.   But when the loans were granted, the ruble was artificially pegged to the dollar.

32.   Due to the debt, international banking institutions are balking at the idea of granting loans to Antigua and Barbuda.

33.   During a visit to Moscow last month, IMF Managing Director Michel Camdessus said he would recommend the loan be granted.

34.   He said banks wereallowed, even encouraged, to grant study loans.

35.   His lawyer, Ignacio Rivera, said the charges were technicalities such as granting loans without the necessary paperwork.

36.   It expects to grant more loans by the end of the year.

37.   It will grant subsidized loans to agricultural projects such as storage, wholesaling, processing, irrigation and technology development.

38.   Loans would be granted on the basis of industry, type and size, and on the soundness of the business plan.

39.   Local branches of the Agricultural Bank that grant loans to companies breaking the rules will be punished, the circular said.

40.   Noting that the Japanese envoy, Nobuto Matsunaga, had been in Tehran to negotiate expanding ties, Taherian said the visit was vital for Tokyo granting the loan.