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Big borrowings on domestic market pose risk to Russian economy — Accounts Chamber

January 13, 21:18 UTC+3 MOSCOW

In 2017 Russia plans to double borrowings on domestic market in comparison with 2016, according to Chairwoman of the Russian Accounts Chamber Tatyana Golikova

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MOSCOW, January 13. /TASS/. Russia is running a risk when it plans big borrowings of the domestic market in 2017, Chairwoman of the Russian Accounts Chamber Tatyana Golikova said in an interview with TASS as part of the Gaidar Forum.

She reminded that in 2017 the sources of financing federal budget deficit are the Reserve Fund until its complete exhaustion, as well as 670 billion rubles ($11,2 bln) of the National Wealth Fund.

Golikova said that in 2017 Russia plans to double borrowings on domestic market in comparison with 2016.

"About 30% of domestic borrowing falls to the share of foreign investors, and there are also certain risks there in terms of borrowing such large amounts, including subsequent costs on servicing the public debt," she said.

The draft budget for 2017-2019 provides for an increase of borrowings on the domestic market up to more than 1 trillion rubles ($16.8 bln) of net borrowing in 2017.

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