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Finance Ministry Suggests Supervising Foreign Loans of State Corporations via BODs

February 22, 2008 | www.kommersant.com

Russia’s government will probably release a ruling in the first half of this year, committing the state representatives in the BODs of state corporations and banks to inform authorized bodies about foreign loans raised by their companies, Interfax-Ani reported with reference to a source in Finance Ministry.
The draft of this ruling will be elaborated and submitted to the government till the end of the first half-year. “We will do it in the first half-year for sure,” the source said.

The Finance Ministry, the source went on, has set to working out provisions to monitor foreign loans of companies. The approximate amount and the structure of such loans were determined by using the data from open sources.

But the information that is provided by borrowers is needed for higher accuracy, the source pointed out, adding that companies with the government’s share of above 50 percent account for more than 80 percent of the loans raised in the recent years. Foreign debt of the corporations stood at between $30 billion and $40 billion as of early 2000, but the amount has grown to nearly $400 billion today.

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