On January 31, Russia ceased being one of the IMF’s five largest debtor countries when it repaid its remaining $3.33 billion debt. “Russia’s ability to repay the IMF ahead of schedule reflects its strong fiscal and balance of payments position against a background of high oil prices,” said IMF Managing Director Rodrigo de Rato. The loans had been contracted under a 1996 Extended Arrangement totaling about $20.1 billion, of which Russia had drawn about $8.8 billion. Under the original repayment schedule, final payment would have been due in 2008.
On the same day it paid off the debt, Russia became a subscriber to the IMF’s Special Data Dissemination Standard (SDDS). Created in 1996 by the IMF, the SDDS helps guide countries that have, or might seek, access to international capital markets in providing timely and comprehensive economic and financial data to the public.