Sunday, Feb 13, 2005
Russia to repay foreign debt early
By Vladimir Radyuhin
MOSCOW, FEB. 12. Taking advantage of the continuing oil windfall, Russia will seek to repay the country's foreign debt ahead of schedule.
Russia's President, Vladimir Putin, on Friday approved the Finance Ministry plans to pay back the $115-billion foreign debt "as soon as possible" in order to save money on interest.
Last month, Russia fully repaid its $3.3-billion debt to the International Monetary Fund, and is now holding talks with the Paris Club of creditor nations to repurchase early all its debt to the group which totals about $45 billion.
Since 2000, when Mr. Putin became President, the country's total foreign debt has declined by $24 billion, from $139 to $115 billion.
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