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Russian regions are to halve deficits this year

Thursday, June 17, 2021

Significance

Last year, these transfers hit a record level, as Moscow issued extra money to help regions cope with the COVID-19 pandemic, but this was still not enough to cover all their outgoings.

Impacts

  • Central government is to make RUB500bn loans available to less indebted regions to support investment in infrastructure.
  • Ageing populations will necessitate higher spending on regional infrastructure in the medium-to-long term.
  • Regions will weigh environmental, social and governance (ESG) bond issuance, as much of their spending is socially focused.

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