Russia fully repaid its debt to theInternational Monetary Fund (IMF), having transferred USD 3.3bn to the fund on Jan 31, 2005, Finance Minister Alexei Kudrin said. According to the schedule, Russia was due to settle the debt before 2008.
Government thus saved about USD 204mn in interest payments, which were to be accrued on its debt otherwise. The Finance Ministry is to allocate the relieved funds for the implementation of social and economic projects in the country, Kudrin noted.
Meanwhile, Russia and the Paris Club are yet to settle the terms governing prepayments. Kudrin said there are no plans to discuss the issue in the nearest future.