ST. PETERSBURG, June 5. /TASS/. Russia’s foreign debt is currently about 5% of GDP, or $80 billion, which is "very small", Russian First Deputy Prime Minister Andrei Belousov said on Saturday adding that Russia will not increase borrowings.

"The national foreign debt is less than $80 billion now, which about 5% of GDP and that is very small. They usually tell us to borrow more. We won’t. However, the corporate debt totals about $380 billion," Belousov said at a meeting with the youth at the St. Petersburg International Economic Forum (SPIEF).

According to the Accounts Chamber, in the first quarter of 2021 Russia’s state debt increased by 741.3 billion rubles ($10.174 billion) and amounted to 19.7 trillion rubles ($270.383 billion). At the same time, Russia’s domestic state debt rose by 4.6% (683 billion rubles) in January - March to reach 15.434 trillion rubles, while its share in Russia’s total state debt went up to 78.4% from 77.9%.