Ethiopia, Russia to Settle Remaining Debt Soon: President Putin

Addis Ababa  October 21  /2019 Moscow plans to reach an agreement with Ethiopia on settling the country’s remaining debt soon, Russian President Vladimir Putin said.
In an interview with Russian News Agency TASS in the run-up to the Russia-Africa summit, Putin said "Let me point put that in the post-Soviet period, at the end of the 20th century, Russia cancelled 20 billion USD African countries' debts to the Soviet Union".

"We therefore decided that it would be best for everyone just to start our cooperation from scratch," he added.

"We expect that Ethiopia's remaining debt to Russia (163.6 million USD) will be settled under similar conditions. The relevant draft agreement is currently being elaborated," the Russian president said.

In his words, other arrangements are currently being used for some of the remaining debts. As an example, Putin cited the debt-for-development swap program, which serves as a basis for intergovernmental agreements with Madagascar, Mozambique and Tanzania.

He added that Russia makes contributions to international programs of assistance to Africa in the framework of the UN Development Program, the World Food Program (WFP), and the International Civil Defense Organization.

Putin explained that economic problems would be considered during the economic forum on October 23-24. "We are ready to hear proposals from our African partners and share our considerations”.