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May 19, 2024 3:04 pm

Russian President Putin announces debt relief and commitment to trade relations with African nations.

Russian President Vladimir Putin has announced that Russia has written off more than $20 billion of debt owed by African nations, as part of efforts to strengthen trade relations. Speaking at an international parliamentary conference in Moscow, Putin stated that mutual trade turnover between Russia and African nations is growing, and reached almost $18 billion last year. He also emphasized the importance of transitioning to national currencies in financial settlements and establishing new transport and logistics chains to facilitate the development of countertrade turnovers.

The debt relief is being seen as a gesture of goodwill towards African nations, and a pragmatic move to improve trade relations. The conference, titled ‘Russia-Africa in a Multipolar World’, is aimed at promoting cooperation in various sectors, including trade, energy, healthcare, and education. Attendees include lawmakers from Russia and African countries, as well as representatives of international organizations and businesses.

Putin’s announcement highlights Russia’s commitment to meeting its obligations on supplies of food products and fertilizers to African nations. The move also underscores the growing importance of Africa as a key partner for Russia in terms of trade and investment.

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