Page 57 - RPTRusFeb17

repayments were only about half of what they had been in the two previous years (effect of ruble exchange rate changes on dollar-value of debt eliminated).
Corporate foreign debt payments became even more minor than in 2014–15 when they were already relatively small d ue to renewal of debt and postponed repayments. Unlike previous years when firms received some debt from parent companies and subsidiaries abroad, they slightly reduced this debt last year. Repayments of the other foreign debt of firms were very small compared to the two previous years.
State debt will account for 14.6% GDP in 2017, 14.9% in 2018, and 15.3% in 2019, according to principal directions of Russia’s debt policy for 2017–2019 released by the Finance Ministry on February 6.
Domestic debt is projected at 10.6% of GDP in 2017 and foreign debt at 4%. In 2018, domestic debt and foreign debt are planned at 11.3% and 3.6% of GDP, respectively, and in 2019, at 11.7% and 3.6%, respectively.
Loans from multilateral development banks will not exceed $215.4mn annually . The bulk of the loans will be taken from recently established banks, mainly the New Development Bank. The debt portfolios with older banks, such as the International Bank for Reconstruction and Development and the European Bank for Reconstruction and Development are to be reduced.
57 RUSSIA Country Report February 2017 www.intellinews.com