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6.1.2 Budget dynamics - govt funding plans
The Russian government plans to borrow $7bn on the international capital markets in 2017 including a $4bn swap of old bonds, Russian First Deputy Prime Minister and Finance Minister Anton Siluanov said on June 10.
MinFin also plans to reduce foreign borrowing to $3bn a year in 2020-2021, the minister said according to Interfax.
The Russian budget provides for $7bn of external borrowing a year and pre-sanctions the Russian government always placed the full $7bn, as much as a benchmarking exercise for Russian corporates issuing abroad as to raise cash.
This year the budget also allows the government to issue $7bn. In March Russia issued $4bn swap to retire the Russian 2027 and Russia 2047 sovereign bonds . The bonds were issued in two tranches: the first $1.5bn has a redemption in 2029 and a yield of 4.625% per annum; the second issue of $2.5bn mature in 2047 and have a yield of 5.25%. Siluanov said earlier that MinFin could issue the remaining $3bn this autumn.
6.1.2 Budget dynamics - regions
38 RUSSIA Country Report August 2018 www.intellinews.com
