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Putin orders to undertake measures for reduction of commercial debts of regions

October 31, 16:24 UTC+3 MOSCOW

The market debt of region amounts to $17.2 bln, the Russian president said

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MOSCOW, October 31. /TASS/. Russian President Vladimir Putin ordered to undertake measures for reduction of commercial debts of regions to the level not above the half of their revenues. "We need to undertake all the required measures to reduce the amount of commercial debts of all Russian constituencies to the level not above a half of their revenues," Putin said at a meeting with Cabinet members on Tuesday.

Regions that exceeded this indicator by October 1 should be granted a target loan from the federal budget for redemption of a portion of their market debt, the president said. "We make this step in an exceptional manner," the head of state said. Such constituencies will not be able to rely upon long-term budget loans later on, Putin noted.

The market debt of region amounts to 1 trillion rubles ($17.2 bln), Putin said. "This so-called "market debt" amounts at present to nearly a half of the state debt of Russian constituent entities - over one trillion [of rubles] ($17.2 bln)," he noted. It is much higher than total annual income of certain regions and exceeds a half of revenues in 11 more [regions]," the President said.

An agreement was reached to launch the restructuring program for debts of Russian constituent entities before 2017 year-end, Putin said. "As a result, they will be able to allocate freed funds for development of economy, infrastructure and social sphere, for improvement of living standards and revenues of citizens," the President added.

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