Russian Government to Forgive Budget Loans for 17 Regions

© Правительство РФ

The Russian government will write off two-thirds of budgetary loan debt for 17 regions as part of its efforts to reduce regional debt burden, according to a cabinet press release. The total amount of debt relief will amount to nearly 17 billion rubles.

Regions that will benefit from the debt write-off include Kursk, Ryazan, Penza, Astrakhan, Vologda, Amur, Kirov, Kostroma, Murmansk, Pskov, Sverdlovsk, and Jewish Autonomous Oblasts, as well as Dagestan, Kalmykia, Mordovia, Khabarovsk Territory, and Chukotka Autonomous Okrug.

The decision was made because these regions have actively invested resources in implementing national projects, capitalizing regional industrial development funds, providing guarantees and financial support for investment projects, improving housing and communal infrastructure, developing key settlements, renewing public transport, and relocating citizens from dilapidated housing.

"The resources that will now become available in regional budgets can be directed towards improving the quality of life for citizens and supporting projects aimed at further economic growth in the regions," Prime Minister Mikhail Mishustin emphasized.