03:49 GMT +316 February 2019
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    MOSCOW, July 15 (RIA Novosti) - At a session on Thursday, the Russian government supported a program of foreign and domestic loans for 2005, say the materials of the Cabinet session.

    The government will once again work out a number of issues, including the program to develop the state statistics system (for realization of which, IBRD funds will be attracted), as well as conduct a critical analysis of efficiency of earlier granted credits.

    The program of state loans for 2005 envisages reduction of the aggregate state debt and replacement of external financing sources with domestic ones, a source in the Russian government earlier told RIA Novosti.

    According to the source, next year, 210-230 billion rubles is to be attracted on the domestic market ($1 equals about 29 rubles). He noted that these loans will be of mid-term and long-term nature and will total 90-95% of the planned loan volume.

    Due to placement of state securities, it is planned to attract up to 211 billion rubles, said the source. He added that securities worth 85.8 billion rubles will be redeemed and the net proceeds will total about 125 billion rubles.

    By January 1, 2006, the volume of the market component of the state internal debt is to total over 600 billion rubles, said the source. In his words, the tendency and shares of mid- and long-term loans will preserve (about 90%).

    The foreign loans program envisages implementation of large infrastructural projects, support of institutional transformations and development of social infrastructure. It is planned that financing from loans on a number of programs will be reduced with simultaneous increase of the share of financing from the budget.

    According to the source, in 2005 it is planned to attract untied financial loans worth $2.5 billion, credits of international financial organizations worth $952.42 million and credits of governments of foreign states, banks and firms worth $174.9 million.