Russia's internal debt reached 40% of GDP in 2002

The amount of internal debts of Russia reduced by 9% of the GDP to about 40% of the GDP in 2002, the Government Information Department reported. The expenditures on servicing government debts decreased from 2.6% of the GDP in 2001 to 2.3% of the GDP in 2002.

Additionally, securities with a term of circulation of six years were placed for the first time in the history of Russia's state securities market in 2002. Moreover, the interest rates for medium-term financial instruments decreased to 13-13.5%, and the corresponding figure for long-term instruments fell to about 14%. An increase in the term and a decrease in the interest rates for securities have allowed the saving of 18.4bn ($578.98m) in interest payments. Funds that were saved were allocated for financing urgent budget expenditures.

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Author`s name Editorial Team