Russian Finance Minister rules out taking out loans on any terms

Russian Finance Minister rules out taking out loans on any terms

The Russian Finance Ministry does not see any reason to take out loans under any circumstance since there is no such a need, RussianFinance Minister Anton Siluanov said on Wednesday, Urdu Point reported.

"We have no need to borrow on any terms, so we will not do that. We have canceled a number of Federal loan bond auctions ... because we considered the proposed returns unacceptable. And things will continue like this," Siluanov stated at the VTB Capital's 10th annual "Russia Calling!" Investment Forum.

In 2018, the ministry is expected to place federal loan bonds worth 1.7 trillion rubles ($25.3 billion), but the program is being implemented at a slower pace than planned. The Russian Finance Ministry plans to place federal loan bonds worth 2.4 trillion rubles in 2019.

The annual "Russia Calling!" Investment Forum brings together investors, businessmen and policymakers, from all over the world and aims to promote strategic investment in the Russianeconomy.

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