Russia's foreign debt down 9.4% to $47.1 bln in January-September

Other News Materials 30 October 2007 02:33

Russia's foreign debt, including debt inherited from the Soviet Union, decreased 9.4% year-on-year in January-September 2007 to $47.1 billion, the Finance Ministry announced on Monday.

Eurobonds ($28.6 billion) now account for most of the Russian government's foreign debt, the ministry said.

As of October 1, Russia owed $2.2 billion to the Paris Club of Creditor Nations, $3 billion to countries outside the Paris Club, $1.9 billion to members of the formerly Moscow-controlled Council for Mutual Economic Assistance, and $0.8 billion as commercial loans, the ministry said.

Debts to international financial institutions were estimated at $5 billion, while the value of the government's domestic foreign currency loans totaled $4.9 billion as of October 1, the ministry said.

The Russian government is seeking to replace funds raised on world capital markets with domestic borrowing to provide guarantees for investment in Russia.

The Finance Ministry earlier said the proportion of foreign debt in Russia's state liabilities would fall to 53.5% in 2007, to 47.2% in 2008, and to 42.6% in 2009. ( RIA Novosti )