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regional financials.
While the Finance Ministry is aware of the problem, the RUB130bn pledged by Siluanov would not be enough to cover the consolidated regional budget deficit of RUB830bn, the analysts surveyed by Vedomosti believe.
Even with the RUB100bn extension promised by Siluanov, the transfers to regional budgets would still be slashed by 58% from RUB782bn in 8M20, leaving the regions in need of up to RUB750bn of credit finances. This could lead some regions to tap into the bond market, competing with federal borrowing plans.
6.2 Debt
Russia - External debt 2012 2013 2014 2015 2016 2017 Jan-Jun ‘18
Budget: external debt (USD bn)
2,363.52 2,844.56 2,729.43 2,169.01 2,073.22 2,096.24 1,005.41
Budget: external debt (% GDP)
29.02 31.73 29.07 37.89 39.83 32.84 /
source: CEIC, CBR
66 RUSSIA Country Report December 2020 www.intellinews.com
