Russia wants to redeem most of its debts to the World Bank ahead of schedule and plans no further borrowing from either the World Bank or the European Bank of Reconstruction and Development. "We are looking at whether there is a chance to redeem some World Bank loans ahead of schedule, but only those that have served their purpose," Deputy Finance Minister Sergei Storchak told reporters in Washington late on Monday. "We can try to redeem some 80 percent of the loans early," added Storchak, who said that Russia`s outstanding debts to the World Bank totalled around $5 billion. Russia, running hefty budget surpluses thanks to booming oil revenues, has already repaid its debts to the Paris Club of sovereign lenders and its public foreign debt, at $41 billion, are a mere 4 percent of gross domestic product. "Russia as a member of the World Bank and the European Bank for Reconstruction and Development has reached a stage where ... we need to talk about the idea of being `graduated`," said Storchak, the ministry`s point man for international relations. That would mean, Storchak added, that Russia would be a shareholder of both development institutions but no longer a sovereign borrower. "This question has ripened. I wouldn`t say it is overripe -- but it has ripened and we need to work on it, of course taking into account the actual procedures that exist at these institutions," he said.