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North Korea to settle debts with Russia
RBC, 06.08.2007, Moscow 18:03:51.Russia is currently planning negotiations with North Korea on the Korean debt settlement for the fall 2007, Deputy Finance Minister Sergei Storchak told RBC today. If North Korea does not sign an agreement with the International Monetary Fund and does not join the Paris Club, settling debts with Pyongyang will be tough, the Deputy Minister noted. The negotiations are of great importance, as all Paris Club members, including Russia, are obliged to settle non-members' debts, he said. North Korea's debt to the former USSR is estimated at $8bn, but the debt's exact evaluation poses certain difficulties, as it is denominated in various currencies and, most importantly, Korea has not yet acknowledged Russia as a moneylender, Storchak added.
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