Bashkortostan attracts $25 mln loan from Raiffeisen to pay external debts
UFA, Russia. Dec 9 (Interfax) - Russia's Republic of Bashkortostan has attracted a $25-million loan from Raiffeisen Bank International AG to pay off external debts, the republic's Finance Ministry told Interfax.
The relevant agreement was signed on Thursday.
"The agreement was concluded for a period of one year. Interest rates on the loan amount to a six-month rate of LIBOR+2.75% per year. The funds are intended for refinancing external debt commitments," the source said.
Bashkortostan had previously been granted another Raiffeisen loan of $25 million, with the same period and interest rate. It expired on December 7, 2011.
The republic's 2012 budget envisages income of 91.522 billion rubles, expenditures of 106.422 billion rubles, and a deficit of 15 billion rubles, or 14.1% of expenditures.
Its 2011 budget plans for 85.133 billion rubles of income, 101.227 billion rubles of expenditures, and a 16.094-billion-ruble deficit, or 16% of expenditures. The republic's debt ceiling was set at 15 billion rubles. As of November 1, its debt stood at 10.1 billion rubles (commercial bank and other loan organization loans totaled 747.4 million rubles). Compared to the beginning of the year, that amount had fallen by 59.7 million rubles.