Russian government rules out default

The Russian government rules out a possibility of default in this country. Vice-premier of the Russian government Alexei Kudrin stated Friday that the targets of the Russian economic policy set for 2003 would be hit.

Kudrin made such a statement in the upper house of the Russian parliament at a session of the Legislators' Council dedicated to inter-budgetary relations.

Commenting on the draft budget for 2003 passed by the State Duma in the two readings Alexei Kudrin stressed that the items formed in it showed that "we will cope." Alexei Kudrin recalled that the year 2003 would be a peak of foreign debt payments. Russia will have to pay off USD 17.3 billion.

"The country should be solvent, default is a violation of obligations on payments, which we have already witnessed," Kudrin said.

He assured participants in the Legislators' Council that the draft budget for 2003 had been compiled in such a way as to safeguard Russia from any risks.