Russia, Algeria take steps to reduce debt - by Laurent Frost
PARIS -- Russia and Algeria, both flush with cash from soaring oil export revenue, have taken significant steps to reduce their debt with the Paris Club, the 19-member group of creditor nations said Thursday. Algeria struck a deal to pay off its entire $8 billion in outstanding Paris Club debt ahead of schedule, and Russia won an agreement to move ahead with negotiations on the early repayment of the $22 billion it owes. The Paris Club said in a statement that Algeria's debt buyback, which will take place between June and November, "reflects the strong financial recovery" of the nation in recent years.
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