The issues of servicing Russia’s foreign debt and plans to move to a three-year budget from 2006 were discussed.
Alexey Kudrin noted that at the beginning of 2005, Russia’s foreign debt was $115 billion, and the average level of rates of servicing varies from 7% to 13%. The cost of servicing the debt requires up to $7 billion yearly.
The President stressed that it was economically expedient to pay off foreign debt as soon as possible.
See also
Excerpts from Meeting with Finance Minister Alexey Kudrin
February 11, 2005