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  Thursday, October 17, 2019
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Mikhail Fradkov has signed an order to start talks with the Paris Club on early repayment of part of Russia's sovereign debt
Prime Minister Mikhail Fradkov has signed an order to start talks with the Paris Club on early repayment of part of Russia's sovereign debt, a source in the Finance Ministry said Thursday. "Negotiations with the Paris Club member countries could begin in the nest few days," the source said, adding that a bilateral agreement would be signed with each creditor. Finance Minister Alexey Kudrin proposed Monday to pay off $12 bln of Paris Club debt ahead of schedule and as soon as possible. Russia made pre-term payments of $15 billion to Paris Club in 2005 and planned to pay off the remaining part of its debt to all member countries in 2006, except Germany, which converted its $6-billion share of the debt in 2004 to 3- and 5-year notes and 10-year bonds that cannot be repaid before maturation. According to the finance ministry, Russia and the Soviet Union's aggregate debt to Paris Club stood at $29.8 bln as of October 1, 2005.
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