Accounts Chamber of Russian Predicted Record High State Borrowing in 15 Years
OREANDA-NEWS. The volume of domestic borrowings by the Russian federal government in 2020 may reach 4.1 trillion roubles (about 55.46 billion US dollars), which will be the maximum in 15 years. This follows from the report of the Accounts Chamber on budget execution for the first half of the year.
In January–June, the Ministry of Finance placed government securities for 1.6 trillion roubles. It means that to fulfill the annual plan, it needs to increase the placement of federal loan bonds in the second half of the year. Without such significant government loans, the cabinet of ministers will not be able to cover the federal budget deficit, which may reach 5 % of gross domestic product (about 5 trillion roubles). According to the report of the Accounts Chamber, in the first half of 2020, the federal budget was executed with a deficit of 955 billion roubles.