Page 48 - RusRPTJuly18

regions. In recent years Mordovia recorded a high deficit, averaging 18% in 2013-2017 and a peak of 27% in 2017, due to large capex related to the World Cup. One mitigating factor is approximately 63% of Mordovia's debt is owed to the federal government and has a 0.1% annual interest rate,” Fitch said in a note.
“Mordovia shares other risk factors with the weaker regions, such as economic metrics lagging the national average, leading to weak tax capacities and low operating balances. Fiscal flexibility is also low, including low tax rate setting autonomy,” the agency added.
RUSSIA Country Report July 2018 www.intellinews.com