"As a result of the two stages of debt exchange between the International Investment Bank and the International Bank for Economic Cooperation, as well as the attainment of agreements on rescheduling debts to Hungary, Oman, South Korea and Thailand, the remaining unsettled debt of the former USSR reduced from 6.2 billion dollars as of early 2003 to 4.1 billion dollars as of March 2005", the documents read.
In addition, as a result of measures taken during the past period towards the earliest achievement of mutually acceptable agreements with the creditor countries, real conditions have been created for settling already in 2005 the debt of the former USSR to China, the United Arab Emirates, states of the former Yugoslavia and Kuwait, as well as for the second tranche of exchange of the commercial debt of the former USSR.
"The latter will make it possible to normalize relations with several hundred creditor firms", the ministerial materials stress.
