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The issues of servicing Russia’s foreign debt and plans to move to a three-year budget from 2006 were discussed.

Alexey Kudrin noted that at the beginning of 2005, Russia’s foreign debt was $115 billion, and the average level of rates of servicing varies from 7% to 13%. The cost of servicing the debt requires up to $7 billion yearly.

The President stressed that it was economically expedient to pay off foreign debt as soon as possible.