Syria's total debt to the former USSR amounts to $14.55 billion, said Alexei Kudrin, Russia's finance minister, at a Cabinet session Thursday. The Syrian side's counterclaims amount to $1.15 billion.
Thus, the final debt amount is $13.4 million, with 73% of it to be written off, Alexei Kudrin specified.
"By now, Syria's initial position has been substantially changed: it has agreed to make larger payments than expected," the minister added.
In his words, Syria will start repaying its debt July 1, 2005.
As Alexei Kudrin explained, out of the total debt amount of $3.6 billion, Russia will receive $1.5 billion in freely convertible currency within ten years, while the remaining part of the debt will be converted into Syrian currency and immediately transferred to bank accounts.
In the minister's words, this part of the debt may be repaid by Syrian commodity supplies, or converted into Russian investments in the Syrian Arab Republic.
The minister pointed out in conclusion that the agreement was to be ratified by the State Duma (the Russian parliament's lower chamber).
