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Russia will save $1 billion on interest from early debt payment to the Paris Club of Creditor Nations
Russia will save $1 billion on interest from early debt payment to the Paris Club of Creditor Nations, expanding its investment fund by this amount in 2006, the Russian finance minister said Thursday. Speaking at a videoconference with investors, Alexei Kudrin said the infrastructure investment fund had already accumulated $2.5 billion. "The money will be spent through private and state partnership on supporting joint infrastructure projects," the minister said. Kudrin said Russia's GDP growth would exceed 6% in 2005. Growth in the next three years will register at between 5.5 and 6.5%, he said, calling the rise a "strong positive tendency." According to Kudrin, foreign direct investment in the first nine months of 2005 was up 31% year-on-year and the ruble's yearly growth against the basket of currencies will exceed 8%. Kudrin also said all restrictions on capital movement would be lifted in Russia in 2007
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