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Annual support to Russian regions will exceed $32 bln — Finance Minister

About 1 trillion rubles ($10.7 bln) are allocated annually for financing national projects

MOSCOW, September 24. /TASS/. The Russian government will allocate more than 3 trillion rubles ($32 bln) annually to support the country’s regions, Finance Minister Anton Siluanov said at a cabinet meeting.

"Significant amounts of resources in the budget are envisaged to support the regions. First of all, this is the task of ensuring the balance of budgets of the constituent entities of the Russian Federation, the participation of regions in the implementation of national projects, and infrastructure development. More than 3 trillion rubles are allocated annually for financial support of the regions, and about 1 trillion rubles ($10.7 bln) for financing national projects that are being implemented by the constituent entities," the minister said.

The provision of budget loans for the infrastructure development of the regions will also continue, and the write-off of the regions' debt on budget loans will begin. The write-off amount is set at two-thirds of the total debt.

"This will allow us to significantly reduce the regions' debt by 2030," Siluanov noted.

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