Predicted government debt of Russia to reach 21.3% of GDP

 Predicted government debt of Russia to reach 21.3% of GDP

Russia's government debt will reach 21.3% of GDP by the end of 2023, RBC writes, citing to an explanatory note to the draft federal budget for 2021 and the planning period of 2022 and 2023.

It is specified that the reason for this is the crisis that began due to the spread of the novel coronavirus infection.

It is also specified that the Russian government has increased the volume of government borrowings to implement measures to support the economy amid the pandemic crisis, as well as to cover the federal budget deficit.

"The volume of the government debt of the Russian Federation in 2021 will reach 20.3% of GDP, in 2022 it will gain additional 0.5 points, reaching 20.8% of GDP, and by the end of 2023 it will reach 21.3% of GDP, or 28,3 trillion rubles. At the same time, the cost of covering it will increase from 900 billion rubles in 2020 to more than 1.6 trillion rubles in 2023," the report notes.

It is also noted that domestic borrowing will prevail in the structure of the government debt, while the external debt will account for 5.1-5.3 trillion rubles.

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