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Finance ministry: Russia may abandon external borrowings in 2015

September 17, 2014, 18:38 UTC+3 MOSCOW
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MOSCOW, September 17 /ITAR-TASS/. Russia’s Finance Ministry has not ruled out a possibility of abandoning foreign borrowings in 2015 if the situation on external markets remains unfavorable, Maxim Oreshkin, long-term strategic planning department director at the ministry said Wednesday in an interview with Rossiya 24 TV channel.

“We may refuse to borrow money on external markets and attract more on the domestic market. We may revise the volume of the borrowing program. It will depend on implementation of the budget, the amount of income flow and its structure, and the situation on financial markets,” Oreshkin said, speaking of plans for 2015.

According to a 2015-2017 federal budget draft, external borrowings are planned at $7 billion per year, while net borrowings may stand at $3.696 billion in 2015, $5.686 billion in 2016, and $3.720 billion in 2017. Net domestic borrowings are planned at 280.1 billion rubles in 2015, 298.7 billion rubles in 2016, and 549.8 billion rubles in 2017.

In 2014, the ministry has not attracted money abroad. Domestic borrowings are planned at around 230 billion rubles for this year, while net borrowings stand at 135 billion rubles, Oreshkin said.

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