Vice-Premier Kudrin: Russia May Restructure Iraqi Debt

Russia may restructure Iraqi's debt but "it does not mean that the debt will be written off completely", Russian Vice-Premier, Finance Minister Alexei Kudrin, stated at a press conference following a governmental meeting on Tuesday.

When giving comments on the new Iraqi government's statement about its unwillingness to pay off the Iraqi debt to Russia, he pointed out that "there would be an enlarged discussion on the issue." The Vice-Premier recalled that Iraq's debts would be restructured "in compliance with the rules of the Paris club creditors, depending on the state of an economy". In this context there is a possibility to get a privileged restructuring period, necessary to restore the economy as well as a delay," he pointed out.

"Russia must observe the rules of the Paris club, but it does not mean that Iraq's debts to Russia /about $8bln/ will be written off completely", the Finance Minister concluded.