Russia to Borrow up to 3.66 Billion US Dollars in 2004

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Last updated at: (Beijing Time) Thursday, July 03, 2003

Russia to Borrow up to 3.66 Billion US Dollars in 2004

Russia plans to borrow a maximum of 3.66 billion US dollars of foreign loans in 2004, Interfax reported Wednesday.

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Russia plans to borrow a maximum of 3.66 billion US dollars of foreign loans in 2004, Interfax reported Wednesday.

The latest foreign loan program drafted by Russian Finance Ministry for next year includes plans to pool sovereign 30-year Eurobonds worth up to 3 billion US dollars and 40 million dollars from the World Bank.

The ceiling of targeted loans from foreign governments and international financial organizations has been projected at 622 million US dollars, including 341 million dollars from the International Monetary Fund, and 281 million dollars from foreign governments, according to Itar-Tass news agency.

The Foreign Ministry said the government would hold a discussion about the draft layout Thursday and probably try to cutdown on borrowing for new project as much as possible in 2004.

Ministry experts believe that the budget surplus, growing foreign exchange reserves, and the influx of investment in the economy enable Russia to stop borrowing from abroad.

The ministry also advised the government to refinance the principal of the foreign debt to an amount of 8.9 billion dollars in 2004 with loans to be taken on domestic and foreign markets.

Russia will have to pay 15.6 billion dollars to foreign creditors in 2004. The interest of 6.7 billion dollars will be paid out of tax and customs revenues.

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