The Ministry of Finance allowed the reduction of the borrowing plan

MOSCOW, March 9 – RIA Novosti. The Ministry of Finance of the Russian Federation admits a reduction in the volume of borrowings in 2021, this will ensure that the level of public debt in the next three years remains within 20% of GDP, which in turn will allow for a more flexible response to possible challenges and threats, Finance Minister Anton Siluanov told reporters.

“The actual execution of the federal budget for the last year turned out to be better than expected. First of all, due to the more dynamic inflow of non-oil and gas revenues. Due to them, free budget balances have increased significantly. deficit of 0.5% of GDP, with a simultaneous reduction in the volume of borrowings, “Siluanov said.

According to him, a gradual decrease in borrowing will help to quickly normalize fiscal policy in terms of its impact on debt markets. “Of course, this will have a positive effect on interest rates in the economy, which will support the growth of private investment, and will also allow the debt market to calmly respond to possible sanctions risks,” he said.

“A possible reduction in borrowing this year will ensure that the level of public debt (in the next three years) remains within 20% of GDP, which will maintain a high level of confidence on the part of investors in the Russian debt market, will allow for a more flexible response to possible challenges and threats, including including associated with the pandemic, “- concluded Siluanov.

The domestic borrowing program for 2021 assumes the attraction of 3.7 trillion rubles in gross terms.

Author: wedocount

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