[lbo-talk] Russia writes off Nicaragua's debts

[Chris Doss]

Jul 27 2004 12:19PM
Russia signs Nicaragua debt write-off deal
MOSCOW. July 27 (Interfax) - Russia and Nicaragua have
signed an inter- governmental agreement on writing off
all the latter's debts to the former, Deputy Finance
Minister Sergei Kolotukhin told. 

In 1996, Russia extended Nicaragua an initial debt
discount, prompting the amount to drop to roughly $340
million. Nicaragua was to spread repayment out over 15
years, Kolotukhin said. However, in 2004 the two
countries reached a write-off deal for Nicaragua's
debts in the framework of the Heavily Indebted Poor
Countries (HIPC) Initiative. 

Nicaragua owed the former Soviet Union mainly for
military items, and had paid $38 million for the
entire period the debt existed, Kolotukhin said.

		
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