Russia canceled nearly $425 million in debt owed by developing countries as part of international development assistance programs and projects in 2017, a report of the Russian Presidential Academy of National Economy and Public Administration (RANEPA) and the Gaidar Institute for Economic Policy showed on Monday.
MOSCOW (Pakistan Point News / Sputnik - 26th November, 2018) Russia canceled nearly $425 million in debt owed by developing countries as part of international development assistance programs and projects in 2017, a report of the Russian Presidential academy of National Economy and Public Administration (RANEPA) and the Gaidar Institute for Economic Policy showed on Monday."A considerable part of Russia's international development assistance accounts for writing off developing countries debt. In 2017, the canceled debts totaled $424.94 million," the report said.
The report, in particular, recalled that in June 2017 Moscow granted Kyrgyzstan a debt write-off of $240 million.
"This mechanism remains the traditional form of Russia's international development assistance and, subsequently, the credit support for foreign states," the report summarized.
According to the report, the total volume of Russia's international development assistance delivered amounted to $1.19 billion in 2017, which is an decrease of 5 percent compared to 2016. The report's authors said that the reduction of development assistance in Russia follows the global trend, with the world's international development assistance having fallen by 0.6 percent in 2017 in comparison with the previous year.
