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  Tuesday, March 31, 2020
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Russia has finished an early debt repayment to the Paris Club of creditors
Russia has finished an early debt repayment to the Paris Club of creditors, transferring to this lending institution more than 15 billion U.S. dollars since mid-July, the press service of the Finance Ministry told Itar-Tass on Tuesday Of this sum, 13 billion dollars were transferred in two tranches on July 15 and July 29. The money was placed on accounts of 11 creditor nations: Australia, Great Britain, Holland, Germany, Denmark, Italy, Canada, the United States, France, Finland and Sweden. The remaining sum - 2.3 billion dollars -- was transferred on August 19 and August 22 to five other Paris Club members: Austria, Belgium, Spain, Norway and Japan. Russia therefore cut the debt of the former USSR to 28 million U.S. dollars. The agreement on early debt repayment was signed on May 13, 2005. Russian Finance Minister Alexei Kudrin said Moscow would have an opportunity to offer to creditors the same operation in the future under similar terms. At present, work is underway to prepare relevant proposals, he said. Finance Ministry experts said the early debt repayment "will have a very positive influence on the Russian economy, releasing the money -- which was saved on interests -- for funding socio-economic projects. The early debt repayment money was taken from the Stabilization Fund. The Finance Ministry said it would continue to earmark part of the Fund, accumulated in excess of the minimum level stipulated by law /500 billion roubles/, for early foreign debt repayment
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