Russia's debts reach 41% of GDP

The amount of Russia's state debt has reached 41% of the GDP, First Deputy Finance Minister Alexey Ulyukayev said at a round-table meeting, devoted to support for Russian exports and foreign investments in Russia. He pointed out that in the future, the Russian government would pursue a policy of gradual replacement of foreign debts with domestic debts. Thus, the amount of domestic debt liabilities in circulation has reached RUR260bn ($8.18bn). "We plan to increase it to RUR350bn ($11bn) in 2003," Ulyukayev remarked. As it was reported earlier, Russia's government debts reached 120% of the GDP in 1999. The maximum level of government debts acceptable for EU countries is 60% of the GDP.