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Russia to start paying off Paris Club debt next week-Kudrin

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Russia will start making payments to clear its debt to the Paris Club of creditor nations next week, Russia's finance minister said Saturday.
UFA, August 12 (RIA Novosti) - Russia will start making payments to clear its debt to the Paris Club of creditor nations next week, Russia's finance minister said Saturday.

Alexei Kudrin said the government had yet to set a time frame and procedure for the payments, but payments would start next week to meet the deadline.

Russia said in mid-July that it would pay off its entire debt to the Paris Club by August 21 and would cease being its client.

Russian Deputy Finance Minister Sergei Storchak said dollar-denominated debt was to be cleared by August 21, while payments in other currencies should be completed by August 18.

Russia will save $7.7 bln from paying its debt ahead of schedule, investing resources saved, including through the national Investment Fund.

The Finance Ministry said previously Russia would make proposals on exchanging its former Soviet commercial debt for Russian Eurobonds in early September.

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