The Russian government has presented the International Monetary Fund with a draft plan to stabilise the economy in the hope of securing badly needed foreign loans to help pay its bills.

Reports of the plan said prices would be fixed for basic food, medicines and fuel to help people through the winter.

The Central Bank would keep tight control over currency trading and the overall banking industry is to be restructured.

A special tax collection agency is also to be created.

The cabinet is waiting for comments from the IMF before final government approval is given on Saturday.