Russia’s debt to Bulgaria to be reduced to USD 88,500 M from USD 100 M as agreed seven years ago, Russia’s Deputy Prime Minister Alexei Kudrin and Bulgaria’s Deputy Prime Minister Nikolay Vassilev agreed on February 23. The debt is going to be paid in three years instead of in twenty years as is usually the case with the former Soviet Union debt that Russia pays to other countries. Russia’s debt to Bulgaria was reduced due to losses incurred by the Russian side by manufacturing and storing equipment for Bulgaria’s Kremikovtzi steelworks. Russia will pay its debt to Bulgaria in cash and with goods. By the middle of this year, USD 15 M of the balance of the debt will be repaid in cash. In addition, USD 49.5 M worth of nuclear fuel will be delivered to Bulgaria: USD 35 M in 2002 and USD 14.5 M in 2003. Finally Russia will supply special-purpose output valued at USD 24 M not later than 2004. Kudrin said that Russia may provide up to USD 80 M for the modernization of the Kozloduy Nuclear Power Plant in 2002 and 2003. He recalled that Russia's 2002 budget envisages USD 10 M for the Bulgarian N-plant. Bulgaria is getting the financing in the form of a state-guaranteed loan. The Russian-Bulgarian intergovernmental commission on trade, economic, scientific and technical cooperation that began on Friday was officially closed on February 23.

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