Russia writes off part of budget loans debt for 16 regions

© изображение сгенерировал ИИ

The Russian government has forgiven an additional 16 regions of part of their debt on budgetary loans, according to a press release from the Russian government.

Among those regions are Buryatia, Kalmykia, Crimea, North Ossetia, Khakassia, Krasnoyarsk Territory, as well as Volgograd, Ivanovo, Irkutsk, Kurgan, Novgorod, Oryol, Rostov, Smolensk, Tambov and Tver regions. Altogether, the government has forgiven 31 billion rubles in debt.

The government has written off the debt of these regions because they have allocated a significant portion of their funds to implementing city master plans, improving public utilities (known as "zhkh" in Russian, an acronym for housing and communal services), and upgrading public transport. The debt relief will allow them to redirect freed-up resources towards further improving the regional economy and enhancing the quality of life for citizens.