World Bank Predicts No Problems With Debt Repayment In 2003 In Russia

The World Bank thinks Russia will have no problems in repaying its foreign debts in 2003, the chief economist of the World Bank's office in Moscow announced at a meeting with journalists today. He noted that they agree with estimates of the IMF that Russia will have no problems with debt repayments in 2003 and in the following years. In addition, the World Bank's representative noted that the macroeconomic situation remains stable in Russia and the volume of gold and currency reserves testifies to this as well as the positive balance of payments and a surplus budgeted for 2002. These factors will be helpful in the event there are any problems with debt repayments. At the same time, he stressed that the Russian economy is still strongly dependent on prices of energy carriers and this makes it vulnerable.

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