Russia to Write off 70 Percent of Laos' Debt

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Last updated at: (Beijing Time) Wednesday, June 25, 2003

Russia to Write off 70 Percent of Laos' Debt

Russia has agreed to write off 70 percent of Laos' debt owed to it, Russian Prime Minister Mikhail Kasyanov said on Tuesday.

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Russia has agreed to write off 70 percent of Laos' debt owed to it, Russian Prime Minister Mikhail Kasyanov said on Tuesday.

The remaining 378 million US dollars will be paid off at a preferential interest rate over 33 years, Kasyanov said, after meeting with his Laotian counterpart Boungnang Vorachit.

Under the agreements reached on Tuesday by the two sides, Russia will "offer preferential conditions because Laos is one of the least developed countries, according to the UN classification," Kasyanov was quoted by Interfax as saying.

"This will help Laos develop its socio-economic programs aimed at improving the people's living standards," he added.

Their negotiations also touched upon other issues related to Russian-Laotian economic ties.

Kasyanov said Russia is hoping to take part in the constructionof new factories in Laos, as well as the modernization of Soviet-era plants.

Russia and Laos are also discussing cooperation in the defense area, he said, adding that "the Laotian Armed Forces need to be modernized."

Various options are on the agenda and decisions on any arms deal will be made taking both nations' interests into consideration, Kasyanov said.

He accepted Vorachit's invitation to visit Laos.

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