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14 Apr, 2008 07:19

Russia to clear World Bank debt early

The Russian Finance Ministry says Russia could repay about $US 3 billion of its $US 4.5 billion debt to the World Bank in June. According to Deputy Finance Minister Dmitry Pankin, early repayment is likely on fully used single-currency loans.

Though, he didn’t mention whether they’ll pay a lump sum or separate payments.

“As to multi-currency loans, we will see, calculate and attempt to verify each loan. We may repay more later in the year,” Pankin said.

Two years ago, Russia finished paying off its $US 22.5 billion Soviet-era debt to the Paris Club, saving $US 7.7 billion in service costs.