 In May 2004, Moldova redeemed promissory notes with a total value of $114.5 million to Russian Gazprom for just $50 million.Moldova informed its bilateral creditors in mid-2003 that it would no longer service its debts.The 2004 budget did provide funds for external debt service (interest) at some 6% of the government budget, the 2005 budget projects external debt service at some 4%.