Russia is ready to write off debts of 16 heavily indebted poor countries, mainly from Africa. The agreement would encompass Benin, Tanzania, Zambia, Guyana, etc. and amount to $688m, said Russia’s Finance Minister Alexey Kudrin.
      
      Russia is eager to keep its commitment to the debt forgiveness deal brokered at last year’s G8 summit.
      
      Russia is also considering waiving $10bn owed by Afghanistan. There are conditions attached to the proposal, though. Moscow wants to see a cut in poverty and a boost in trade with creditor nations.
      
      Russia has also signaled its intention to pay down half of its remaining $21bn debt to the Paris Club of Creditor Nations. It is an early payment but the finance ministers’ meeting in Moscow this weekend approved the bid.
      
      Russia is advocating for canceling debts of the impoverished nations and believes its return of a considerable sum will contribute to this cause.