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Putin orders to restructure regional debts to federal budget

October 09, 21:14 UTC+3 MOSCOW

It is planned to provide an opportunity for regions to repay debts to the federal in seven years by making annual installments

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MOSCOW, October 9. /TASS/. Russian President Vladimir Putin directed the government to undertake measures for restructuring of accrued regional debts to the federal budget, the Kremlin website says on Monday.

In particular, it is planned to provide an opportunity for regions to repay debts to the federal in seven years by making annual installments: 5% of the debt accumulated as of January 1, 2018 in 2018-2019, 10% in 2020 and 20% of the above debt in 2021-2024.

Furthermore, regions supporting local budget revenues’ growth rate not lower than inflation in 2018-2019 are ordered to perform further restructuring, with the annual installment of 5% of debts accrued as of January 1, 2018 in 2020 and 2029 and 10% in 2021-2028.

The government is to report performance of this assignment to the president by November 1, 2017, the website says.

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