07 June 2004 17:56
Russian audit official outlines strategy for managing foreign debt
Moscow, 7 June: Russia's foreign state debt has been reduced by 14 per cent over the past four years to 120bn
dollars, Audit Chamber auditor Sergey Shokhin told a meeting of the committee of the International Organization of
Supreme Audit Institutions (Intosai) devoted to state debt, which is being held in Moscow.
Shokhin said that 45 per cent of Russia's foreign liabilities are owed to creditors of the Paris Club, whose
rules do not provide for settling debts with securities. "Russia's target this year is to reduce the share of
various securities in its state debt to 43 per cent," the auditor said.
Shokhin believes many foreign borrowings are impractical, or ineffectively managed. "Russian borrowers scatter
loans, and act in a perfunctory manner when selecting projects to be funded by their foreign partners," he
said.
[ITAR-TASS news agency] |
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