Russian national debt grew by 5.4 trillion rubles over the year

MOSCOW, February 24 – RIA Novosti. The national debt of Russia over the past year increased by 5.4 trillion rubles and reached 18.986 trillion rubles, which is 17.8 percent of the country's GDP, this follows from the analytical note of the Accounts Chamber (JV).

The law on the federal budget stipulates that last year this figure should be 19.1 percent of GDP. This year, it is envisaged to increase it to 20.4 percent of GDP, next year – to 20.8 percent of GDP, and in 2023 – to 21.4% of GDP.

According to the joint venture, in 2020 the national debt increased by 39.9 percent, while in 2019 this figure increased by 7.8 percent, to 12.3 percent of GDP.

At the same time, the internal debt increased by 4.6 trillion rubles, or 45.4 percent, to 14.791 trillion rubles. External debt in foreign currency increased by $ 1.9 billion, or 3.5 percent, to $ 56.8 billion (4.195 trillion rubles).

The expenses of the Russian budget for servicing the state debt in 2020 increased by 7.3 percent, to 784.2 billion rubles. In particular, the cost of servicing the internal debt increased by 3.1 percent, and the external one – by 27 percent.

Earlier, the director of the financial stability department of the Central Bank of Russia, Elizaveta Danilova, said that a significant increase in the national debt during the pandemic last year does not pose significant problems for the economy. “We have a fairly stable situation with public finances; from a macroeconomic point of view, we do not see any problems,” she said.

The Russian authorities in the context of the coronavirus pandemic took unprecedented measures to support the domestic economy in 2020: about nine percent of GDP were allocated from the budget for these purposes, in this regard, Russia entered the top five leading countries in terms of the scale of stimulus measures. To do this, the Ministry of Finance had to borrow a record amount of money on the market.

Author: wedocount

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