Albania to reimburse communist-era debt to Russia

15th June 2011, Comments 0 comments

Albania will begin paying back a $36-million (25-million euro) debt to Russia dating back 50 years to the communist era, the office of President Bamir Topi said Wednesday.

The debt, to be paid off in the coming years, was incurred in 1960 by the Albanian communist regime of Enver Hoxha, which borrowed money from the then Soviet Union, the office said in a statement.

A first instalment of some $1.36 million dollars will be paid to Russia by the end of June, financial ministry officials said.

An accord signed between the two governments obliges Albania to pay Russia damages if the payments are not on time, the same source said.

© 2011 AFP

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