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Economics Minister Alexander Shokhin on Monday disavowed comments by a top official that international creditors should reward Russia's contribution to world peace by writing off its debts.
Shokhin, who is in charge of debt talks with creditors, said the government has no plans to ask creditors to forgive its $80 billion in debts, much of which was inherited from the Soviet Union.
Calling for international forgiveness would threaten international confidence in Russia and lead to a sharp drop in foreign investment, Shokhin said.
He was responding to statements last week by Oleg Davydov, minister of foreign economic relations.
Davydov's comments about debt forgiveness were "personal views on the debt problem, which do not reflect the official Russian position on this question," Shokhin emphasized in a written statement.
Russia does not seek debt forgiveness, but it does want to reschedule its debts to help it through a difficult period, or a "payments peak," expected to last through 1995.
Shokhin: Russia to Pay Debt
23 August 1994
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