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Home >> Business
UPDATED: 17:28, May 30, 2006
Russia to pay Soviet-era debt to Kuwait
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Russia on Tuesday signed an agreement with Kuwait to settle its Soviet-era debt owed to the Middle East country, Russian news agencies reported.

Russian Finance Minister Alexei Kudrin and Kuwaiti Energy & Oil Minister Ahmed Fahd Al-Ahmed Al-Sabah signed the agreement, which spelled out a solution to the 1.6-billion-U.S. dollar debt.

According to Kudrin, 600 million of the debt will be paid in forms of goods, while the rest 1 billion with money. The minister also said some of the interest would be written off, but he did not specify the exact number.

Russia has managed to solve its debt to Kuwait on mutually acceptable terms, Kudrin said. "We hope that we can find ways to solve our debts with remaining countries this year," he said.

The cash payment would last for three and half years and the first 350 million dollars would be paid this year, said Deputy Finance Minister Sergei Storchak.

Meanwhile, Russia would supply machine and high-tech products, mainly military hardware, to pay off the 600 million dollars over five years, he said.

According to Storchak, the debt paid in goods would be interest free.

Source: Xinhua

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