Both Credit Suisse and Deloitte had advised that the facility is on commercial terms and the interest payable is at market rates, including through a benchmarking with loans made in the market.

Thirdly, the IMF will lend money to states under much softer rules than hitherto and it will not press for loans to be made conditional on the drafting of realistic measures to solve the economic problems of the borrower.

21. Stresses the importance of improving the investment climate in Russia; believes that this can only be achieved by promoting and facilitating non-discriminatory, transparent and predictable business conditions rooted in strong democratic values; in addition, stresses that debureaucratisation and the promotion of two-way investments are needed;

Competitive lending is an undesirable phenomenon, since its eventual effect is to reduce all conditions on loans to a minimum, at least provided that there are any conditions left in the areas of democracy and human rights.

5. Notes that India's high import tariffs and, despite recent significant progress, non-tariff barriers, remain a genuine concern for EU industry; believes that upholding such a protectionist policy after economic liberalisation gives rise to market distortions and manipulations; is concerned that WTO tariff negotiations have not led to any improvement (there was no binding of tariffs or commitment to maximum "binding" rates, which were also kept high) and that efforts consequently made by the Commission to open a bilateral dialogue with India on the subject of specific distortions have so far been unsuccessful; notes that a reduction in trade barriers can bring progressive improvements in trading ...[+++]conditions with the objective of promoting growth, employment and sustainable development; calls on India to bind its import tariffs at levels closer to its applied rates within the context of the DDA and to make further efforts to remove part of the existing non-tariff barriers; encourages the High Level Trade Group to work towards eliminating tariffs between the parties on substantially all trade through a bilateral free trade agreement, thus providing opportunities for existing and potential exporters to develop their business and diversify their export base;

(123) Loans at preferential interest rates. During the verification visits, it was established that loans were provided by the Chiao Tung Bank and the Medium Business Bank of Taiwan to one exporter but at normal commercial conditions.