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News // Russia

Russia: Nihil Debet!

02 February 2005 , 09:57469
Russia has paid back all its debts to the International Monetary Fund three years earlier by Monday, Finance Minister Alexei Kudrin said on Tuesday.

He said paying the final IMF debt of $3.3 billion ahead of the schedule will help save some $204 million in interest.

Russia borrowed $22 billion from the IMF between 1992 and 1990, and the final $3.3 billion loan was scheduled to be paid off in 2008.

Kudrin said that Russia cleared its debt to the IMF on Monday by transferring the money from a special 740 billion ruble ($26.4 billion) Stabilization Fund.

"The decision to repay demonstrates the durability of Russia's financial institutions," the minister was cited as saying, adding that it will produce active influence to Russia's financial market.

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