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4
UNIT 1
RUSSIA READY TO PAY OFF PARIS CLUB DEBT BY 2008
Lead-in
I.
1. What do you know about Russian’s foreign debts?
2. Do you believe that the pre-term debt repayment will be better for Russia?
Reading
II. Read the text and decide whether the following statements are true or false.
1. Russia and members of the Paris Club of creditors are going to sign an agreement
on the early repayment of Russia’s debt.
2. Russia will be paying 11 billion annually.
3. In 2005 the Russian government may use money from the Stabilization fund to
pay off the country’s all foreign debt.
4. A preschedule pay-off of the debt will save Russia money annually.
5. Putin said that the pre-term debt repayment will increase expenditure linked to
servicing of debts.
TEXT
Russia and 18 members of the Paris Club of creditors are ready to sign an
agreement on the early repayment of Russia’s debt worth 30 billion. According to the
Vedomosti business daily, it may be signed before Dec. 20, 2004.
The newspaper reported that this agreement presupposes that Russia will be
paying 10 billion ($13,4 billion) annually, thus fully repaying its debt by 2008.
Economists say that the pre-term debt repayment will considerably improve Russia’s
macroeconomic figures.
This was confirmed by two Russian government officials as well as by a
source in the Paris Club organization. The source said that the latest consultations on
the issue took place in Paris on Dec. 14.
Earlier MosNews reported on an announcement made by Russia’s Finance
Minister Alexei Kudrin who said that in 2005 the Russian government may use $7-10
billion from the Stabilization Fund to pay off part of the country’s foreign debt.
A preschedule pay-off of the core part of the debt will save Russia $700-900
million annually on interest payments. As for the possible writing off a Russian debts,
Ministry of Finance experts say that Russia should not expect more that a 100 percent
discount.
4 UNIT 1 RUSSIA READY TO PAY OFF PARIS CLUB DEBT BY 2008 Lead-in I. 1. What do you know about Russian’s foreign debts? 2. Do you believe that the pre-term debt repayment will be better for Russia? Reading II. Read the text and decide whether the following statements are true or false. 1. Russia and members of the Paris Club of creditors are going to sign an agreement on the early repayment of Russia’s debt. 2. Russia will be paying 11 billion annually. 3. In 2005 the Russian government may use money from the Stabilization fund to pay off the country’s all foreign debt. 4. A preschedule pay-off of the debt will save Russia money annually. 5. Putin said that the pre-term debt repayment will increase expenditure linked to servicing of debts. TEXT Russia and 18 members of the Paris Club of creditors are ready to sign an agreement on the early repayment of Russia’s debt worth 30 billion. According to the Vedomosti business daily, it may be signed before Dec. 20, 2004. The newspaper reported that this agreement presupposes that Russia will be paying 10 billion ($13,4 billion) annually, thus fully repaying its debt by 2008. Economists say that the pre-term debt repayment will considerably improve Russia’s macroeconomic figures. This was confirmed by two Russian government officials as well as by a source in the Paris Club organization. The source said that the latest consultations on the issue took place in Paris on Dec. 14. Earlier MosNews reported on an announcement made by Russia’s Finance Minister Alexei Kudrin who said that in 2005 the Russian government may use $7-10 billion from the Stabilization Fund to pay off part of the country’s foreign debt. A preschedule pay-off of the core part of the debt will save Russia $700-900 million annually on interest payments. As for the possible writing off a Russian debts, Ministry of Finance experts say that Russia should not expect more that a 100 percent discount.
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