Credit Holidays for Budget

Krasnodar, 13 May. The losses of the regional budget incurred due to the quarantine are to be reimbursed at the expense of the government debt. 

According to the regional Ministry of Finance, extra 1.8 billion roubles will be saved for the regional budget this year when respective corrections are provided by the federal government in the framework of their anti-crisis activities. According to the resolution released on the official website of the Russian Cabinet of Ministers, until the end of this year, all regions will be released from the obligation of repaying their budget loans. 

The money which had been earmarked to repay the budget debts, now is to be spent to cover the activities aimed at industrial development of Krasnodar krai, prevention and dealing with the consequences of the spread of the coronavirus infection, and compensation for the decreased revenues of the regional budget. 

According to the new rules, the regions will be obliged to pay 5% of their debt annually in 2021–2024, and the rest of the debt – in equal instalments in 2025–2029 with a possibility of early debt repayment.

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