EconMin: Russia to cut foreign borrowings by two-fold.

By bne IntelliNews December 4, 2009
As announced by deputy EconMin Andrei Klepach, due to higher than expected prices for oil in 2010 Russia is to borrow about USD 8bn-USD 10bn on foreign markets. This is about two times less than previously planned by the government (USD 17.89bn of foreign borrowings for 2010). Oil price of USD 60-USD 65per barrel is to increase budget revenues and will decrease the need to enter foreign debt markets, in which Russia was inactive for 10 years. To remind, as announced by FInMin Alexei Kudrin, due higher than expected oil prices budget deficit for 2009 is going to be decreased from 8.3% of GDP to 6.9% of GDP .

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