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Vol 45 No 2

Published 23rd January 2004


Angola

From Russia with debt

One of Angola's murkier debt deals was an intricate agreement for rescheduling US$5 billion owed, mostly since the Cold War, to Russia. After hefty repayments, the then Finance Minister, Júlio Bessa (since replaced by José Pedro de Morais) told the International Monetary Fund last year that all Angola's debts to Russia had been cleared. However, last October, Russia persuaded the Paris Club secretariat that it still had some $700 million in claims on Angola; also at the end of October, it appeared that the Swiss authorities had unblocked a series of promissory notes related to the supposedly closed debts.

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