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Even with pandemic and global economic downturn, Russian national debt lower than expected as country counts cost of coronavirus

Added 02-24-21 10:37:02am EST - “Despite record borrowing to shore up the country's finances and fund its healthcare system during the Covid-19 pandemic, Russia has racked up far less national debt than first expected, a new economic analysis has claimed.” - Rt.com

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Posted By TheNewsCommenter: From Rt.com: “Even with pandemic and global economic downturn, Russian national debt lower than expected as country counts cost of coronavirus”. Below is an excerpt from the article.

On Wednesday, local media reported that the Accounts Chamber in Moscow had recorded a rise in public liabilities of more than 5.4 trillion rubles ($73 billion) over the past year, putting its total bill with lenders at nearly 19 trillion rubles (more than a quarter of a trillion US dollars).

These calculations put the debt at 17.8 percent of the country's GDP – still far short of the 19.1 percent set out in law and allowed as part of the federal budget.

The Director of the Financial Stability Department of Russia’s Central Bank, Elizaveta Danilova, told reporters that although there had been a significant and almost unprecedented increase in borrowing, it was not a cause for concern.

“We have a fairly stable situation with public finances,” she said. “From a macroeconomic point of view, we do not see any problems.”

According to the Accounts Chamber, fighting Covid-19 cost around 12.5 percent of the annual budget, equivalent to 2.9 trillion rubles (nearly $40 billion).

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