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Russia writes off $1.12 billion of Ethiopia`s debt
Source: Press Service of the Embassy of Russian Federation (PSERF) | Posted: Tuesday, April 05, 2005
Russia has written off the main part of Ethiopia's debt for the sum of $1.12 billion, head of the department of international financial relations, state debt and state financial assets of the Russian Finance Ministry Sergei Storchak told RIA Novosti.
A relevant Russian-Ethiopian intergovernmental agreement was signed on Monday. From 1959 till 1989 the Soviet Union granted commodity credits worth $5.8 billion to Ethiopia, Strochak said.
As of March 1, 2005, Ethiopia's debt to Russia totaled $1.28 billion after the granting of the primary discount calculated by the methods of the Paris Club.
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