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Russia to join LDC debt cancellation package

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WASHINGTON (September 24 - RIA Novosti) - Russia will join the G-8's debt cancellation initiative for the least developed countries (LDC), Russian Finance Minister Alexei Kudrin said.

Russia as a G-8 member signed a letter to the World Bank whereby the G-8 undertakes to cover 70.19 % of this debt.

Kudrin said this is well within Russia's scope, while the main brunt will be born by the United States, France, and Germany.

The initiative involves cancellation of $40 million in LDC debt over a 40-year period.

Russia is a major LDC creditor. According to various estimates, third countries owe it a total of $100 billion to $130 billion.

In the past five years, Moscow has cancelled about $30 billion in LDC debt, including more than $10 billion for Syria.

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