LONDON, June 12 (RIA Novosti, Alexander Smotrov) - Russia will write off $2.2 billion in bilateral and $5 billion in international debts of 18 poorest countries according to its G8 commitments, the Russian finance minister told RIA Novosti today.
"This year, in the run-up to Russia's G8 presidency, we are going to write off 100% of bilateral debts of the world's poorest countries," the minister, Alexei Kudrin, said. Russia holds debts of African countries only, while the group of 18 poorest states also includes Latin American countries, he said.
Previously, Russia had written off $1.125 billion of Ethiopia's debt.
Creditor countries will write off debts of the poorest countries to international financial institutions in proportion to their participation in these institutions, Kudrin said, which is why Russia is less affected here than others. He estimated Russia's write-offs at $5 billion until 2015.
He said the poorest countries' debts were the most debated issue at the London ministerial G8 meeting.
British Chancellor of the Exchequer Gordon Brown and U.S. representatives "have submitted a scheme to use part of the assets inside the World Bank and [International Monetary Fund] in such a way as to make the write-offs without affecting these institutions," the Russian minister said.
