Oct 30, 2003. /Lesprom Network/. During today’s session Russian government decided to change basic trends of cooperation with international financial organizations, deputy-minister for economic and trade development Andrey Sharonov said. The cabinet approved the necessity of increasing the co-financing of common projects from the state budget as well as introducing non-permanent rate of World bank co-financing, Sharonov added. Russia has a steady budget profit growth, and therefore joint-projects, including those with World bank, should be fulfilled with a 50% participation of Russian capital, he said. IFC loan costs are lower than internal and external markets loans, making them particularly attractive for the country's economy, Sharonov said. Russia counts on floating interest rate of 1,6% with the World bank and 5,1% rate for 16-year loans. The annual rate total amount including expert works will make 6%, while financial markets will offer loans at 7-9% rate, which proves to be costly. In 2004 Russian co-financing participation on the joint-projects with The European Bank for Reconstruction and Development (EBRD) was set to $1,2 billion, while the budget previews $340 million expenditure. - The issue of mending the rift is this: we can either settle it by internal financing and loans, or we will have to halt the projects and postpone the terms, which is less desirable, Andrey Sharonov concluded.