Deputy Head of the IMF: Russia has the means to pay foreign debt

Gita Gopinath, First Deputy Executive Director of the International Monetary Fund (IMF), said Russia had the necessary dollar reserves to service its foreign debt. The IMF chief noted that Russia had repaid its debt on time.

«<...> Russia has so far repaid its debt on time. It has the necessary (- “b”) dollars, “replied Mrs. Gopinath seminar Foreign Policy magazine on questions about the possibility of Russian default (cit TASS).

The impact on the global financial system if Russia does not pay its debts is likely to be “limited,” added Rita Gopinat. “The consequences of the failure, if any, would be” very limited, because the numbers we are looking at are relatively small globally, “said the IMF’s first deputy chief. “This is not a systemic risk to the global economy,” she said (quoted by AFP).

About half of the central bank’s gold and foreign exchange reserves ($ 300 billion) were frozen as a result of sanctions imposed by the West in response to Russia’s “special military operation” in Ukraine. Russia continues to pay its foreign debts in foreign currency, but may switch to rubles.

Watch the consequences of Russia’s “special military operation” in Ukraine in Kommersant’s online broadcast.

Elliot Frost

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