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Between Russia and Algeria are no more financial problems

March 11 2006

Russia and Algeria were allowed together all the financial problems. Intergovernmental agreement on trade-economic and financial relations and the settlement of the debt of Algeria to the Russian Federation on previously granted loans signed on Friday, Russian Foreign Minister Sergei Lavrov and his Algerian colleague, Minister of State Mohammed Bedjaoui.

Russia has written off its debt to Algeria - 4.737 billion dollars - as a whole. Algeria will buy a Russian industrial products by an amount equal to or exceeding the amount of debt forgiveness. "The Algerian side will carry out procurement of Russian industrial output by an amount equal to or exceeding that amount," - says the document, reports Finmarket.

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