MOSCOW - Russia has repaid it debt to International Monetary Fund, having transferred USD3.3bn to the IMF on January 31, Russian finance minister Alexey Kudrin has told journalists. According to the schedule, Russia was due to settle its debt before 2008. Thus, it will be able to save USD204m in interest, which was to be accrued on its debt otherwise. The ministry plans to allocate these funds for the implementation of social and economic projects in Russia, Kudrin announced.

The Russian government decided to repay its debt to the IMF ahead of the schedule on January 31. Prime Minister Mikhail Frodkov signed a corresponding agreement. The ministry allocated extra money from the Stabilization Fund (the sum exceeding RUR500bn - about USD17.85bn), the government's press department reported.