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Russia to write off large part of North Korea's $8bln debt

Sputnik International

Deputy Finance Minister Sergei Storchak said the country's debt to Russia was estimated at $8 billion. "I believe it will be a large write-off," Storchak said... 29.11.2006, Sputnik International

2006-11-29T14:56+0000

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Russia to write off large part of North Korea's $8bln debt

14:56 GMT 29.11.2006

Deputy Finance Minister Sergei Storchak said the country's debt to Russia was estimated at $8 billion. "I believe it will be a large write-off," Storchak said, responding to a question on whether Russia will forgive 80-90% of North Korea's debt.

MOSCOW, November 29, (RIA Novosti) - Russia's Finance Ministry said Wednesday it plans to launch talks in a few weeks on writing off a major portion of North Korea's debt.

Deputy Finance Minister Sergei Storchak said the country's debt to Russia was estimated at $8 billion.

"I believe it will be a large write-off," Storchak said, responding to a question on whether Russia will forgive 80-90% of North Korea's debt.