Russian Finance Minister Anton Siluanov in an interview with “Vedomosti” said that he plans to do the government to compensate for lost oil and gas revenues.
As noted by the Minister of Finance Anton Siluanov, the country is going to take additional to compensate for lost oil and gas revenues. According to him, at the latest auctions Russia placed Federal loan bonds in the amount of 100 billion rubles instead of the usual 20-30 billion, He noted that the demand for Russian paper there, but you need to act carefully. a “you Need not overdo the volume, feel the border, when sovereign debt starts to ask the big prize. We cannot let this happen – and so we pay a lot for credit” – said the Minister.
Siluanov said that while the national debt of a small country, as of 1 January 2020, it amounted to 12.3% of GDP, but many require and double it. a “Yes, many countries are increasing loans. But the cost of debt is high. We are borrowing at 5.5 to 6.3%, and developed countries – less than 1%. Every year the country pays more than 800 billion rubles of one percent, if you double the attraction, you will have to pay about 1.5% of GDP, which is more than 6% of the total budget – will have to cut other expenses”, he added.
