Tuesday, November 11, 2008

Russia could write off Cambodia's $1.5 bln debt

MOSCOW, November 10 (RIA Novosti) - Russia is discussing with the Cambodian leadership the possibility of writing off most of Cambodia's debt, which stands at around $1.5 billion, a senior Russian lawmaker said on Monday.

"Russia and Cambodia are holding talks to write off Cambodia's debt of around $1.5 billion. The principal sum (about 70%) of the debt could be written off as part of Russia's participation in the Paris Club of Creditor Nations," said Valery Yazev, deputy speaker of the lower house of Russia's parliament, after a trip to Cambodia and Laos.

Yazev said the debt's outstanding part could be divided into two and settled at concessional interest rates.

The vice-speaker said the next round of negotiations on settling Cambodia's debt to Russia would be held early next year in Moscow.

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