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  Wednesday, July 8, 2020
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Russia may pay off $3-5 billion early in foreign debt before year's end
Russia may pay off $3-5 billion early in foreign debt before year's end, the finance minister said at an investor's conference in Moscow Wednesday. Alexei Kudrin said foreign debt repayment would hit $10-15 billion in 2006. According to the minister, this year Russia has already paid $18.3 billion to the Paris Club and the International Monetary Fund ahead of schedule, saving about $1 billion in interest next year. "Annual interest rates on Russia's foreign debt total $10 billion," Kudrin said, adding that the sum equaled annual federal budget spending on education, health, and culture. Kudrin said all the money saved on interest would be channeled into the Investment Fund, which would then invest some of it in joint projects between the public and private sectors, including new roads leading to ports, airports and mineral deposits.
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