Russian foreign policy
Russian policy in Africa
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08-07-2005

RUSSIA MAY DECIDE TO WRITE OFF $750 MLN IN AFRICAN DEBT

GLENEAGLES. July 8 (Interfax) - Russia may decide to write off about $750 million in additional debt owed by African countries by the end of the year. "We [Russia] have only this year started to discuss the question of a full write-off of debt to HPIC countries [Heavily Indebted Poor Countries] in Africa on a bilateral level," Sergei Storchak, director of the international financial relations department at the Russian Finance Ministry, said at a briefing in Gleneagles on Thursday. "We are moving in this direction and by the end of the year we may decide to write off debts amounting to $750 million owed by the poorest countries in Africa," he said. He said that the poorest countries owe this debt and repayment had been planned over 23-40 years. "If we take into consideration the timeframe, this is not a lot of money," Storchak said. He said that Russia has already written off $10.3 billion in African debt.

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