Russian Finance Ministry cuts domestic borrowing 17% in 2012
MOSCOW. Sept 19 (Interfax) - The Russian Finance Ministry proposes in the draft 2012 federal budget to reduce borrowing through government bonds to 1.21 trillion rubles.
The key areas of government debt policy for 2012-2014, published in early August, envisaged government borrowing of 1.46 trillion rubles, therefore, the plan has now been reduced by 250 billion rubles, or 17%.
Domestic borrowing in 2013 was cut further by 280 billion rubles, or 19%, to 1.19 trillion rubles from 1.47 trillion and in 2014 it has been reduced by 607 billion rubles, or 26%, to 1.09 trillion rubles from 1.49 trillion.
The Finance Ministry plans to spend 600.4 billion rubles on redeeming ruble bonds in 2012, 81.5 billion rubles, or 16%, more than envisaged in the debt policy (518.9 billion rubles).
Redemption plans for the following two years have been left unchanged at 616.5 billion rubles in 2013 and 787.4 billion rubles in 2014.