Russia Forgives Developing Nations' Debts to Foster Cooperation
Russia Forgives Developing Nations' Debts to Foster Cooperation
Konstantin Kosachev, Vice-Speaker of the Federation Council, explained that Russian budget legislation prevents further lending or cooperation with nations that have outstanding debts.
Kosachev highlighted that a significant portion of these debts dates back to the Soviet era, when aid was provided as non-repayable loans, often tied to ideological alignment. Over the past 20 years, Russia has forgiven over $20 billion in debts to African countries.
While acknowledging that Russia would prefer to have these funds in its own budget, Kosachev stated the reality is that most debtor nations are unable to repay. Therefore, debt write-offs are a necessary measure to facilitate ongoing partnerships and future collaboration.
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