the Ministry of Finance of the Russian Federation currently sees no risk of loss of debt sustainability Russia. This was stated today on a press-conferences the Director of Department of state debt and state financial assets of the Ministry of Finance Konstantin vyshkovsky.
According to him, “from the point of view of total debt burden risks to debt sustainability Russia there is almost no”. “Very low figures at 15% of GDP”, — quotes PRIME official.
He stressed that “Russia, by volume, in the absolute amount of accumulated debt, the ratio of this amount to GDP levels is one of the few if not the only country in the world that has such a low rate”.
Recall, back on may 8 the Governor of the Bank of Russia Elvira Nabiullina stated that the current level of public debt of the Russian Federation — one of the lowest in the world, which creates additional stability for the economy. “We really have a low enough debt, one of the lowest among all countries in the world. And, of course, we have the potential and opportunity in some way to increase the national debt. But, nevertheless, low public debt is our competitive advantage, is what allows us to feel steady, stable, irrespective of changes in the external environment, and this creates additional resistance, additional security for our economy”, — said the head of the Central Bank.
Earlier, on 13 April, the Chairman of the accounts chamber of the Russian Federation Alexey Kudrin said that the Russian authorities have the ability to mobilize 2-3 trillion rubles for direct subsidies to business against the background of the struggle with the consequences of the spread of coronavirus infection. Kudrin is sure that “the financial system and the state is able to find or to mobilize such funds, whether the NWF (national welfare Fund — ed.), whether in financial markets”.
However, on Monday headedfir controlling Agency predicted that Russia’s state debt this year will increase to 16% of GDP with about 12.3%, but will be in a safe area.
However, believes Kudrin, the Russian Finance Ministry in the current environment of economic turmoil, pandemic coronavirus infection COVID-19, rationally agreed to increase the national debt.
“Total borrowing this year will amount to about 5 trillion rubles, which, in my opinion, absolutely feasible in the market, there are market opportunities, there is not even require any extra effort,” — said the head of the chamber.
According to his words, careful debt management will allow to cover the missing revenues, and additional program support the economy and citizens.
Meanwhile, the Central Bank of the Russian Federation led 13 July data, according to which the external debt of the Russian Federation for the first half of 2020 decreased by $14.2 billion, or 2.9%, to $477,2 billion.
let’s Add that the Russian economy in February—March 2020 was under the powerful impact of two negative factors — the rapid spread of the pandemic coronavirus infection COVID-19 and its deleterious effect on the global economy and collapse in oil prices. Against this background, the rouble significantly depreciated against the dollar and the Euro. Reacting to the situation, the government and the Bank of Russia adopted several packages of measures to support the economy and citizens.
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