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Russia drops issue of early debt repayment to World Bank

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Russia is unlikely to pay off most of its $4.5 billion debt to the World Bank early, a Finance Ministry official said on Sunday. Russia's Finance Ministry earlier said it expected to prepay most of its debt to the World Bank in the second half of the year.
OSAKA, June 15 (RIA Novosti) - Russia is unlikely to pay off most of its $4.5 billion debt to the World Bank early, a Finance Ministry official said on Sunday.

Russia's Finance Ministry earlier said it expected to prepay most of its debt to the World Bank in the second half of the year.

"The issue has been taken off the immediate agenda as it is no longer a top priority for the ministry," said Andrei Bokarev, deputy director of the ministry's department for international financial relations, state debt and government financial assets.

Bokarev said penalties for early debt redemption could reduce the effect of saving money on interest payment.

In August 2006, Russia completed the repayment of its 23.7 billion Soviet-era debt to the Paris Club of creditor nations ahead of schedule.

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