Paris Club says sees progress on Russia's plans to prepay

By Reshmi Basu

New York, June 19 - Paris Club members said they had made "substantial progress" on Russia's proposal to prepay its debts previously rescheduled in 1996 and 1999.

Representatives of the Paris Club creditors met with the Russian government last Thursday and Friday to examine the offer, according to a short statement released by the Paris Club.

"Consultations are continuing," the statement said.

Russia has made an offer to prepay $22 billion it owes to Paris Club members.

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