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. Last Updated: 07/27/2016

No Loans for Debts

ST. PETERSBURG -- The administration of Russia's Leningrad region said it would repay its near $50 million of foreign debt by 2001 without taking on new loans.

The Leningrad region includes St. Petersburg, Russia's second-largest city, which has its own administration.

"It is planned to return the debt without resorting to other loans, only with taxes from the realization of investment projects," the region's information center said in a statement.

It said it was expecting contributions of $12 million from seven large projects in 1999 and a further $33 million in 2000.

"This sum of $45 million is practically equal to the region's foreign debt," the statement said.