24 Jul 2009 11:58

Russia may cut borrowings in 2010

MOSCOW. July 23 (Interfax) - Projected possible domestic and foreign borrowings by Russia in 2010 to plug the deficit of that year's budget have been cut to about 831 billion rubles because of proposed more extensive recourse to the National Welfare Fund (FNB) as "one of the latest options," a Finance Ministry source said.

The source told Interfax those would be "net borrowings."

If this option were adopted, 2010 expenditures from the FNB would total 681 billion rubles and those from the Reserve Fund 1.67 trillion rubles, the source said.

Under one of the former proposed options, gross foreign borrowings for financing the 2010 budget deficit would have been 839.8 billion rubles, gross domestic borrowings about 1.3 trillion rubles, and 327.3 billion rubles would have been taken out of the FNB.

In both options, a budget deficit of about 3.2 trillion rubles was implied.