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Russia plans to issue $757 million in loans to other countries in 2007
Russia plans to issue $757 million in loans to other countries, including $157 million under military cooperation agreements, in 2007, a government official said Thursday. The Cabinet is expected to look into how a program of granting state credits to countries and foreign organizations was implemented in 2005 and a draft program for 2007 at a meeting Thursday, the source said. Russia has mainly extended loans to countries to pay for Russia-supplied products and services, including in the construction of energy facilities on their territories. Some of Russia's traditional borrowers are Bulgaria, India, Vietnam and China. In 2005, Russia provided loans worth $480 billion. This year, it will allocate $746 million in credits, including $100 million under foreign military contracts. In the 1990s, Russia was a major borrower from the International Monetary Fund and other bodies, but earlier in the year the finance minister announced it had paid off all its IMF debts and in late June, Russia has reached an agreement with the Paris Club of creditor nations on the pre-term payment of its debt before August 21. Russia will pay $22.3 billion, including $21.3 billion as early payment, with $700 million as a planned installment on August 20, and $1 billion as a premium to Britain, Germany, France, and the Netherlands. The Paris Club said in a statement that the multilateral protocol signed with Russia changed the country's status in the Paris Club, where it became a creditor.
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