He is to hold an urgent meeting on Friday with senior officials to discuss tax revenues - an issue cited by the International Monetary Fund as the main obstacle blocking a loan of almost $700m to Russia.

After an emergency meeting on Thursday with senior ministers, Mr Yeltsin promised to work out how to arrest the impact of the country's deepening economic crisis.

He also demanded radical improvement in tax administration and promised to sack several members of Russia's emergency tax commission.

BBC Moscow Correspondent Allan Little: "There is a great possibility of unrest."

The BBC Moscow correspondent said that Mr Yeltsin went into the meeting knowing that all he had achieved in the last five years was at stake.

Our correspondent said there was a great possibility that public spending cuts and increasingly harsh economic conditions could trigger further social unrest.

The social costs of defending the rouble could also affect the reform programme

After the meeting, Mr Yeltsin promised that there would be no financial crash. He said Russia had enough reserves to support the rouble on the financial markets without any devaluation.

He also promised measures to seize the property of those owing taxes, and said two or three heads would roll in a continuing government shake-up.

Mr Yeltsin said: "In this country, it is the rich who are used to not paying their debts. We have to make them pay. We do of course have the names."

IMF talks

The meeting took place a day after the Russian Central Bank tripled interest rates to 150% in an attempt to calm financial markets and defend the rouble.

IMF head Michel Camdessus: the IMF's role could be crucial

A senior official from the International Monetary Fund has been sent to Moscow to discuss a resumption of its massive loan programme.

Mr Yeltsin is meeting the IMF amid speculation that hundreds of millions of dollars in loans will be released shortly.

Our correspondent said an appeal to the West for another massive package of financial aid may be Russia's only alternative.

Reform doubts

He said the financial turmoil has raised fresh doubts about the future of Mr Yeltsin's economic reforms.

Russia's foreign exchange offices have symbolised the financial instability

At the end of the emergency meeting in the Kremlin, Mr Yeltsin used comments clearly designed to restore confidence on Russia's panicky financial markets.

He said strict discipline would be needed both to limit government spending and boost revenues.