Moscow, Jul 21 (IANS): Russian's external debt-to-GDP ratio plummeted to a historic low of 15 per cent by the end of the first quarter, local media said on Friday.

Data from Russia's Central Bank reveal that the ratio, which stood at 16.6 per cent at the end of 2022, has further declined, reports Xinhua news agency.

By late March, state and corporate debt combined amounted to $354.8 billion.

This impressive progress stands in stark contrast to 1999 when Russia's external debt-to-GDP ratio hit its highest peak at a staggering 91 per cent.

Earlier the central bank said that the country's external debt had decreased by 8.7 per cent in the first half of 2023.

The reduction was largely attributed to the dwindling debt obligations of government bodies.

Maxim Reshetnikov, Russia's Minister of Economic Development, expressed optimism about the country's economic growth.

At a meeting with President Vladimir Putin on May 4, Reshetnikov said that the forecast for GDP growth in 2023 at 1.2 per cent is rather conservative and may actually be higher.