Source Pravda.Ru

Budget-2003 draft law provides sufficient money to cover Russia's foreign debt

The budget-2003 draft law allocates sufficient money to pay off the foreign debt and the respective interest rates. Russia's Vice Premier and Minister of Finance Alexei Kudrin expressed this opinion on Wednesday during the interval of the State Duma plenary meeting on consideration of the country's major financial bill for the next year in the first reading.

In case the State Duma passes the budget-2003 draft law in the first reading, we can speak about the fulfilment of Russia's all obligations in the following year, Kudrin pointed out.

It implies that in 2003 Russia will pay off its foreign debt totaling 17.3 billion dollars.

The federal budget draft project for the next year envisages corresponding financial sources to pay off Russia' foreign debt, Vice Premier stressed.

Kudrin is convinced that years 2002-2003 will see the formation of all the necessary financial resources needed to pay off the foreign debt. "The end of this year is expected to be rather good in terms of profits, which will influence the formation of the financial reserve," Vice Premier stressed.