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Home  »  Russia  »  Economics

Russia bids farewell to the Soviet debt.

Russia and the Paris Club creditors have signed a protocol on the full early repayment of debt. By the end of summer, Russia will pay $ 22.3 billion.

parting with the past in the government considered an important step in the image of the meeting of G8. It is important that only 50% of the debt will be repaid at par, but for the rest of Russia to pay creditors $ 1 billion premium.

on schedule, Russia had to pay in full with the member countries of the Paris Club only in 2020.

But to service that debt, she spent each year to approximately $ 3 billion (rate of duty 7%). Therefore, until the country's resources permit, she hastened to persuade the Paris Club for early repayment. It was not easy, because the lenders expected to these percentages. Now, however, estimated the Ministry of Finance, the savings on interest will amount to $ 7.7 billion, including $ 3.3 billion in 2007-2009. The Ministry of Finance proposes that money to replenish the investment fund in Russia. A creditor countries to Russia to pay compensation.

major part of the Prize for the debts will be Germany: $ 700 million from $ 1 billion share the rest of France, Britain and the Netherlands.

early payment of debt began about a year ago: In May 2005, an agreement was signed on the payment of $ 15 billion from $ 43.1 billion debt. Initially, the Russian delegation requested to write off 10% of the amount pogashaemoy for early repayment. But despite the fact that the budgets of most creditor countries have been scarce, neither France nor Germany nor Italy did not hurry in such circumstances to get their loan money. Instead, Germany has issued securities on the security of Russian debt, and demanded that Russia pay a premium for early repayment in the amount of 5-10%. The parties agreed that Russia acknowledged the debt at par: no discount, but without the prize, which is required by representatives of the club. Like now, the lion's share - $ 6.5 billion (5 billion euro) - Germany won.

Shortly thereafter, the head of the Ministry of Finance Alexei Kudrin said that Russia was ready to negotiate on further early repayment of debt. First Kudrin asked the German Finance Minister Peer Steinbrueck on the payment of $ 1.65 billion В«We agreed that Russia would pay 1.3 billion euros at parВ», - declared the then representative of the Ministry of Finance of Germany on the sidelines of a meeting of Finance Ministers of G8. The lenders did not hurry to take our money, not wanting to lose a stable annual payment of interest. В«We are ready to pay it. But we know in advance that a portion of funds will not be in demand by countries. We expect to pay about $ 12 billion В», - then complained to Kudrin.

But in June, he reported that yet reached an agreement on repaying the debt to $ 22.3 billion, including $ 1 billion in compensation.

First Premier Mikhail Fradkov refused to approve the deal, arguing that it is necessary to calculate and determine the appropriateness of compensation to the creditors. But after Kudrin explained that the country for only three years would save $ 3.3 billion, or receive more than 88 billion rubles of additional revenue that will be directed at other targets, the government has approved all the same parameters of the deal.

the market price will be paid the debt of France, Germany, Britain and the Netherlands. The duty of the Russian Federation to these countries obsluzhivalsya at a fixed rate. At the same time, the U.S., which also service the debt at a fixed rate, given Russia's debt at par.

most early repayment of debt resisted Germany, since interest on the bonds are secured by German company Aries, issued by the Ministry of Finance of Germany in 2004. Germany could make early repayment of the debt only if the premium payments to Russia, which took into account both the high market value of these securities, and future interest payments on these securities Germany.

However, Deputy Minister of Finance Sergei Storchak denies link compensation with the Securities Aries. On Thursday, he said that В«causes associated with the need to maintain Germany Aries, in principle, there can be no in terms of service of this kind of debtВ». This relationship existed only in the media, and only in the form of bargaining power, says the Deputy Minister.

Experts believe that the debt to Russia is not only economic but also political benefits.

В«The position of the debtor has its drawbacks, the political benefits of this step, it may be less visible, but they areВ», - considered a leading expert Nina Chebotarev Economic Expert Group.

But there is another point of view. В«These payments due impression on the Group of Eight did not make, they just highlight the inefficiency of the governmentВ», - convinced Vyacheslav Igrunov, director of the International Institute for Humanities and Political Studies. If we put the money advantage, the debt could be popriderzhat, he said. Then we would not only have covered the same earnings, but also would profit. В«But the government does not know how to properly dispose of the money. It decided to pay in order not to break his head В».

After the early payment of Paris Club debt of the former Soviet Union to drop by 95% and will remain a debt of about $ 3-4 billion, which is paid off by Russian exports.

Text: Catherine Mereminskaya


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