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Nenets Region’s public debt in 2017 lowered by $10.6 million

January 18, 18:01 UTC+3 ARKHANGELSK

The reduction was due to the budget’s surplus by end of the year

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ARKHANGELSK, January 18. /TASS/. The Nenets Autonomous Region’s public debt reduced in 2017 by 600 million rubles ($10.6 million) to 2.7 billion rubles ($47.7 million), the local administration’s press service said on Thursday.

"The Nenets Region’s public debt reduced by 600 million rubles. The reduction was due to the budget’s surplus by end of the year," the press service said.

The region’s debt lowered from 3.3 billion ($58 million) to 2.7 billion rubles, where 2.1 billion ($37 million) are bank loans, and 600 million ($10.6 million) - bonds.

The regional budget for the current year is based on forecasts of 14.2 billion rubles ($251 million) in revenues and 16.3 billion rubles ($288.3 million) in expenses. The maximum debt for next two years is at 7.3 billion rubles ($129 million).

Before 2015, the region did not have a debt. In 2015, the public debt was one billion rubles ($17.7 million), as the revenues had slumped due to fallen oil prices.

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