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18

Russia's Foreign Debt Dectreased 9%

Russia's foreign debt, including debt inherited from the Soviet Union

Russia's foreign debt, including debt inherited from the Soviet Union, decreased 9.4% year-on-year in January-September 2007 to $47.1 billion, the Finance Ministry announced on Monday.

Eurobonds now account for most of the Russian government's foreign debt, the ministry said.

Debts to international financial institutions were estimated at $5 billion, while the value of the government's domestic foreign currency loans totaled $4.9 billion as of October 1, the ministry said.

The Russian government is seeking to replace funds raised on world capital markets with domestic borrowing to provide guarantees for investment in Russia.