Moscow and the International Monetary Fund (IMF) have agreed terms for a massive bailout package to stave off financial collapse in Russia.
"Representatives of Russia and the IMF will outline in detail today the concrete agreements reached and the practical measures that will be taken soon," the government announced.
It gave no indication of the amount involved, but Russia had sought in excess of $10 billion (£7.2 billion) to tackle an unprecedented financial crisis.
The IMF did not comment.
The credit is aimed at providing the Russian central bank with sufficient reserves to avoid devaluing the rouble after heavy pressure on Russian money markets.
The deal came after negotiations between an IMF delegation led by its director for eastern Europe, Mr John Odling-Smee, and premier Mr Sergei Kiriyenko backed by Russian officials including chief negotiator Mr Anatoly Chubais.
Yesterday's edition of the New York Times newspaper said the IMF would lend about 11 billion dollars, and that Russian officials indicated about half the sum would be provided up front and the rest disbursed by the end of this year.
The report said Russian and western officials indicated parallel talks between Russia and the World Bank reached agreement Saturday on a new loan that will range between $1 billion and $1.5 billion.
It added that the Russian and IMF negotiators were seeking to reach an agreement before the opening of the Russian markets today.
Mr Odling-Smee has been meeting Russian leaders since Friday over terms under which the IMF would sanction the "stabilisation" loan.
Russia has asked for $10 to $15 billion, which would double foreign currency reserves that have fallen sharply as the central bank fought to protect the ruble from the threat of devaluation.
However, the IMF has signalled that its own finances are limited after a series of rescue packages for the troubled economies of southeast Asia.
Russian shares have lost 67 percent of their value since January, taking the market capitalisation to around $40 billion.
The slide slowed last week as the market indicated it believed a deal with the IMF was in sight.
Under the proposed bail-out, the fund is to provide part of the loan credit, with the rest coming from the World Bank and a consortium of western commercial banks. The IMF is determined to tie fresh funds - Moscow has already been granted a $10 billion facility to ease its transition to a market economy - to implementation of a government austerity package.
The Russian government presented a belt-tightening budget on June 23rd which aims to cut state spending by 42 billion rubles (£4.85 billion) and to raise 20 billion rubles more in taxes.
President Mr Boris Yeltsin has also been lobbying western capitals to garner support.
Economic observers believe an IMF loan is the only way Russia can prevent domestic and foreign investors pulling out of the country and stop a crisis that could have dire spill-over consequences for other European economies.
