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No need to speed up foreign loan floating

March 05, 2014, 11:08 UTC+3 MOSCOW
Deputy Finance Minister Sergei Storchak says the Finance Ministry is waiting for a resolution of the government to launch procedures to select applications for Russian eurobond
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Deputy Finance Minister Sergei Storchak

Deputy Finance Minister Sergei Storchak

© ITAR-TASS/Stanislav Krasilnikov

MOSCOW, March 05. /ITAR-TASS/. The Russian Finance Ministry will not change its plans for foreign loans, but will not speed up events, Deputy Finance Minister Sergei Storchak told reporters.

According to Storchak, the Finance Ministry is waiting for a resolution of the government to launch procedures to select applications for Russian eurobond.

There may be two or more floatings, he added. "We will see what the situation is. We do not need to speed up events. We can be calm, especially at the beginning of the year," the deputy minister said, noting that the Finance Ministry had no tough instructions in what currency to float eurobond.

In late February, Finance Minister Anton Siluanov said Russia would continue in 2014 to attract funds on the foreign market in dollars and euros in a volume equivalent to $7 billion.

"This year, we plan to come to the market of international bonds in the same volume as in previous years," he said. "In 2014, it may be one entry, as in the past two years, and there may be two entries. Now we are deciding what currencies to use. Most likely, naturally, these will be dollars and euros, since last year the loan was in euros, and we believe this year we can continue the practice," the minister said.

He noted budget revenues allowed the Finance Ministry to find a suitable window of possibilities. Thus, there is no necessity for urgent borrowing or unconditional borrowing on foreign markets.

Speaking about the program for internal loans, Storchak said the Finance Ministry did not plan to change it, but in each case a loan will be floated depending on the situation.

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