Rusisa will spend at least $16.3 billion between April 1, 2007 and April 1, 2008 on interest on Russia's foreign debt.
Between April 1, 2008, and April 1, 2009, interest payments will reach $16.3 billion. In the next two years, most of those payments will be made by companies and banks but, in the long run, the payments will shift to the state debt. Those are the conclusions reached in the Central Bank's recent publication “The Balance of Payments and the Foreign Debt of the Russian Federation.”
The publication does not take into account loans attracted by Russian companies in the second quarter of the year. Full data on the foreign debt in that period are not yet available, but it is known that the sums borrowed are considerable, especially the loans received by Rosneft and Gazprom. It can be suggested, however, that the debt growth will be no less in the second quarter than it was in the first. Russia's foreign debt at the beginning of the year was $309.7 billion, and on April 1 $339.3 billion.
On the other hand, Russia expects to sign an agreement on writing off most of Iraq's $10 billion debt by the end of this year, Deputy Finance Minister Sergei Storchak said Monday, Cbonds.info reported.
Russian officials also hope to resume talks on North Korea's debt this year, Storchak said. -Neftegaz.ru
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