Rus News Journal

Problem of the Russian debts

the Minister has suggested to write off the Russian debts

the Statement of the minister of external economic relations that the western creditors should write off a part of the Russian debt, is not confirmed by a government official statement. According to the information which has arrived yesterday in from the device vitse - prime minister Alexander Shokhin, the similar offer was not considered in the government, and the statement of the minister for necessity of write-off of the Russian debt is its personal initiative.

Through news agency ITAR - TASS head of Ministry of Foreign Economic Relations Oleg Davidov has suggested the western creditors to write off the most part of the Russian debt in 80 bln. dollars Is characteristic that Davidov`s statement for the further destiny of the Russian debts to the foreign governments and the private banks which have united in the Parisian and London clubs of creditors, is sustained in categorical enough tone. According to the minister, the West should to reconcile to debts of Russia and to forgive them . Besides precedents already are - Bulgaria and to Poland the western creditors have written off 50 % of their debts.
as Davidov, Russia and so has much made for all Europe and the world considers. In - the first, it has considerably reduced the defensive potential and has disengaged armies from the East Europe countries. Considerable financial expenditure which had to compensate including at the expense of the western credits have been as a result made. In - the second, Russia after disintegration of the USSR has incurred burden of payment of foreign debts of all former union republics.
political independence of the new independent states also cost Russia expensively enough. Till now Russia actually continues to finance these countries, delivering in them power resources. It is natural that in these conditions without the aid of the international financial market it would be difficult to Russian government to support economic stability in the country.
however vitse - the prime minister of the Russian government and the head of the governmental commission of debts Alexander Shokhin underlines that Russia did not apply about write-off from it of debts of the former USSR or clearing of payment of percent on them. Usually such refusal is accompanied by the announcement of the country the bankrupt that involves refusal in granting of new credits, seizure of the foreign property (at Russia it is estimated almost in $300 mlrd) and on the export goods.
according to Shokhin, it is necessary to keep civilised relations with creditors. With that end in view in 1992 - 1994 negotiations with the Parisian club were constantly carried on. In April, 1993 with it the arrangement on re-structuring of a part of an external debt of Russia has been reached. On conditions of this agreement, Moscow the ten years` delay on service of debts for the sum about $15 mlrd instead of payment of $17 mlrd in 1993 as it was demanded earlier by creditors is given.
the conciliatory proposal on granting to Moscow the next delay on service of a debt of the former USSR was accepted also the London club in August, 1993 - provided that Russia would will pay to clubmen in the fourth quarter of last year $500 million This money the western banks for a long time already have received, if the problem of sovereign immunity of Russia on foreign actives has been settled. At last, in June, 1994 of the governmental delegation led by Sergey Dubinin it was possible to reach agreements with the Parisian club about re-structuring of a part of the Russian debt at a rate of $7 billion
However and after that financial burden of foreign debts excessively for Russia. In this connection Oleg Davidov`s offer though it while is not supported by the governmental circles, can become a starting point for the further negotiations about re-structuring of the Russian debts.