Albanian parliament OKs payment of Soviet debt to Russia

09:47, June 17, 2011      

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The Albanian parliament has approved a bill that allows the government to pay 1.037 million U. S. dollars worth of debt it owed to the former Soviet Union to Russia, local media reported on Thursday.

According to a bilateral agreement signed in Moscow, the debt was converted to dollar from Soviet Union ruble at a one for one rate, and must be paid by the end of June.

Albania owed 36 million dollars the Soviet Union, most of which incurred in 1960s. Most of the debts has been paid after a rescheduling.

Albania and Russia have been in talks on extending gas pipelines to the western Balkan country.

At the end of 2010, the stock of public debt in Albania amounted to 715.5 billion leks (7.13 billion U.S. dollars) or 58. 52 percent of the gross domestic product.

The internal debt accounts for 57 percent of the stock while the foreign debt accounts for 43 percent of the stock. Albania's long-term external public debt amounted to more than 2.2 billion euros (3.1 billion U.S. dollars) at the end of last year.

Source: Xinhua
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