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Markets News

Russia to increase state borrowing by $12 bln in 2021 - finance minister

MOSCOW, Sept 16 (Reuters) - Russia will increase state borrowing by 875 billion roubles ($11.70 billion) in 2021, Finance Minister Anton Siluanov said on Wednesday.

Speaking at a government meeting, Siluanov said that Russia’s debt-to-GDP ratio would reach 20% next year. He added that he expected Russia’s budget spending to grow in 2021-2023 in comparison with pre-crisis levels.

Russia expects its budget to remain in deficit for the next three years, as weak oil prices and the economic fallout from the coronavirus pandemic have weighed on its state finances. ($1 = 74.7900 roubles) (Reporting by Darya Korsunskaya and Andrey Ostroukh; Writing by Gabrielle Tétrault-Farber; Editing by)

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