MOSCOW, July 18. /TASS/. The Russian Finance Ministry will increase the state debt amount in the current situation but plans to stay within limits of the established ceiling of 20% of GDP, Deputy Minister Irina Okladnikova said at the meeting of the budget and financial markets committee of the Federation Council, the upper house of the Russian legislative assembly.

"Galina Sergeevna [Izotova, acting head of the Accounts Chamber - TASS] indicated the debt level we have in general at present - 22.8 trillion rubles ($251.6 bln). This amounts to 14.9% of GDP [as of 2022 year-end - TASS]. This is our safe limit so far although we understand we will build the debt up in conditions of the current situation. This is a hopeless situation and we are to do this because our expenditure segment is growing, we need to support the economy," Okladnikova said.

"We must support the military segment and our four new regions require substantial support. We will therefore increase the debt but will endeavor to remain within safe limits. We have the safe limit we set for ourselves - this is 20% of GDP. It is set as an indicator in the state program. This is the debt ceiling we should not cross even in the worst case situation," the official noted.

The debt slightly declined against the last year, Okladnikova said when speaking about the debt dynamics. "It even wet down. We slightly reduced the foreign debt last year, when we attempted to be in time with performance of our obligations after the imposition of sanctions. It currently stands at four trillion rubles ($44.2 bln) against 4.5 [trillion rubles] ($49.7 bln) last year as of January 1, 2022, that is, before the start of the special military operation," she added.