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05 Апреля 2018
Foreigners

Olympics On Credit

Olympics On Credit

Krasnodar, 5 April – Yug Times. Finally, the ‘Olympic’ debt of the Krasnodar region has begun to melt.

A record public debt of the Krasnodar region, a key problem for the economic division of the region’s administration, has come down for the first time over the past nine years, said Governor Veniamin Kondratiev at a meeting with journalists last week. Although its current size equals to 139 billion roubles, the very fact of a positive dynamics instills confidence that the situation should improve.

Mr. Kondratiev stressed that the regional power managed to reduce the amount of the public debt thanks to the growth of the region’s revenues: in 2017, Kuban received 253 billion roubles, i.e. by 23 billion more than planned initially.

But where did this big debt origin from?

Before 2007, when Sochi was announced the venue of the 2014 Winter Olympic Games, Kuban’s public debt had been known as one of the lowest nationwide. But in 2008 it nearly doubled reaching 3 billion roubles. Then it kept on growing together with the growth of the financial backup of the holding of the Olympic Games and F1 finals. In 2010, the public debt exceeded 23 billion roubles; in 2011 - 39.9 billion; in 2012 - 74 billion; in 2013 - 119 billion.

It is evident that it would be difficult to find the way-out from the hard situation with the region’s ‘Olympic’ debt. Kuban believes that as far as the 2014 Olympics were a national project, it is Moscow that must pay off the debts - or at least cover the expenditures on debt maintenance. But in order to have this ‘dream’ come true, what Kuban really needs is involvement of the lobbying abilities of all ‘heavyweights’ of Kuban origin: from Governor Kondratiev to Duma deputies elected from the Kuban constituencies, to senators and executives of federal ministries and Presidential Administration.


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