Source Pravda.Ru

Russia May Have to Spend More Than Planned USD 17.3 Billion on Servicing Foreign Debt in 2003

Russia may spend more than the USD 17.3 billion planned in the draft federal budget on servicing its foreign debt in 2003. Russian Deputy Finance Minister Sergei Kolotukhin made this announcement today at a sitting of the Duma commission on foreign debt and foreign assets.

The deputy minister explained that in calculating the repayment of foreign debt the Government based its figures on a defined exchange rate of the euro against the dollar. However, the value of the euro is now almost level with the dollar. 'If the euro continues to strengthen, this will inevitably be reflected in the budget figures, as a significant proportion of Russia's foreign debt is held in euros,' said Kolotukhin. In addition, the draft budget's authors fear that interest rates on world markets will rise slightly in 2003, also making servicing of the debt more difficult.

Kolotukhin did not rule out that the Government might ask deputies to introduce corresponding adjustments into the draft budget, which is to receive its first reading on September 25.

Comments
Putin dislikes the idea of US army bases coming to Kuril Islands
USA plays to pretend a mighty dragon that can no longer breathe fire
Brexit: The UK's misunderstanding of Democracy
Putin dislikes the idea of US army bases coming to Kuril Islands
Madrid, shame on you!
Brexit: The UK's misunderstanding of Democracy
Putin dislikes the idea of US army bases coming to Kuril Islands
Russians lose faith in their future, get ready for worse
Capital outflow from Russia sets new records
Malaysia complains of faulty Russian Sukhoi Su-30 fighter jets
Putin dislikes the idea of US army bases coming to Kuril Islands
Men's presence in maternity wards during childbirth considered shameful in Russia
Macron challenges Trump. French independence and croissants at stake
Russia’s sanctions against Ukraine send message to Washington
Russia sells arms to Asia to maintain peace in the world
The Amazon and the New Conquistadores
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Castro sued over alleged torture
Macron challenges Trump. French independence and croissants at stake
Castro sued over alleged torture
Malaysia complains of faulty Russian Sukhoi Su-30 fighter jets