Title: Russian regions' financing problems will grow
Abstract: Subject Russian regional finances. Significance The Russia economic downturn is hitting the budgets of regional and local authorities. On March 30, four regional governments announced that they planned to issue bonds. The federal government was reported to be restructuring regions' debts to the federal budget, with a long grace period and a refinancing rate of 0.1% at a time of double-digit inflation. On April 1, the federal government said it would be giving 16.9 billion rubles (about 290 million dollars) in small-business subsidies to the regional authorities and plans for mortgage subsidies to halt the 30-40% drop in the pace of construction in the regions. Impacts Federal transfers to sub-national budgets will be increased from 2014 levels. Soft loans from the federal budget to regional administrations will also have to be increased. Public sector pay that is financed from regional budgets will fall.
Publication Year: 2015
Publication Date: 2015-04-10
Language: en
Type: other
Indexed In: ['crossref']
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