WASHINGTON -- International Monetary Fund Managing Director Michel Camdessus plans to fly to Moscow on Thursday for a five-day visit, fanning hopes that the IMF is about to clinch a key loan deal with Russia, monetary sources said.


The visit, from March 17 to 21, will be Camdessus' first trip to Moscow in about 1 1/2 years and comes at a crucial juncture in negotiations between the IMF and Russia on a $1.5 billion loan.


While Camdessus does not intend to become involved in the details of those negotiations, he is likely to use his visit to make a pitch for the tough economic reform and stabilization policies the IMF believes are essential for Russia's economic success, the sources said.


Camdessus had been expected to visit Moscow late last month but ended up shelving that trip due to continued uncertainty about Russia's economic reforms.


The IMF chief's decision to go ahead with the visit now has heightened expectations of a quick agreement between the Fund and Russia on a new loan deal, said the sources, who declined to be named.


"The managing director would never travel to Moscow if he could not be reasonably sure that a deal is possible," one source said.


The sources said that Camdessus is expected to meet Russian Prime Minister Viktor Chernomyrdin and other government policy makers during his trip to Moscow, including possibly members of parliament.


A meeting with Russian leader Boris Yeltsin is also possible, although not certain.


The IMF has already loaned Russia $2.5 billion but has held off from extending the country more credit until Moscow shows that it is serious about reforming and stabilizing its shaky economy.


Negotiations between the two sides on a new $1.5 billion loan resumed last Wednesday in Moscow.


One source, who asked not to be identified, said that some progress had been made, but added that the crucial question of Russia's budgetary stance had yet to be tackled.


Russia has proposed a 1994 budget deficit of 61.5 trillion rubles ($36 billion), equivalent to about 10.2 percent of gross domestic product.


But the IMF has questioned the viability of Moscow's projections for tax revenue and the country's ability to deliver the tough spending curbs that it has promised.


The reputation of both Russia and the IMF are on the line in the loan negotiations.


Moscow wants IMF endorsement of its credentials as a pro-reform government following the departure of key reformers from the government earlier this year.


The IMF, meanwhile, is making an effort to justify its position as lead manager in helping Russia remake its economy in the capitalist mold following U.S. criticism that it has not been aggressive enough in promoting reform there.


Camdessus' visit comes amid reports that he had a mysterious meeting on Russia with a Swedish businessman earlier this month.


An IMF spokesman said that the Swedish businessman, Peter Castenfelt, passed on a message from Yeltsin and Chernomyrdin regarding the IMF chief's long-anticipated visit to Moscow.