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Deputy minister: Russia does not face need to borrow at any cost

February 17, 14:34 UTC+3 MOSCOW
Russia needs to enter debt market competently but not at any cost, Deputy Finance Minister Sergey Storchak says
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Russian Deputy Finance Minister Sergey Storchak

Russian Deputy Finance Minister Sergey Storchak

© Sergei Karpov/ITAR-TASS

MOSCOW, February 17. /TASS/. Russia does not face an urgent need to borrow at any costs now, Deputy Finance Minister Sergey Storchak said Wednesday.

"I don’t see an urgent need to borrow whatever the cost as safety cushions enable us to feel comfortable. I think if we faced a more stretching situation from the viewpoint of sources to finance deficit our colleagues in charge for budget would be calling for borrowings more vigorously," he said.

According to Storchak, Russia needs to enter debt market competently but not at any cost.

Also, funds are being borrowed up to schedule, deputy minister added. "The borrowings program for the first quarter is being executed properly," he said, adding that it is "an unusual occurrence."

The Finance Ministry plans to borrow up to $3 bln on the foreign markets in 2016 and up to 1 trillion rubles ($12.9 bln) locally.

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