Bashkiria will take a loan of 1.6 billion rubles to pay off the budget deficit

UFA, 25 September 2014. /Bashinform News Agency, Elvira Latypova/. The Ministry of Finance of Bashkortostan plans to raise credit resources with total volume of 1.6 billion rubles for partial funding of the budget deficit of the republic and/or repayment of the debt. Tender documentation for opening four credit lines of 400 million rubles each is posted on the official website of public procurement. The initial (maximum) contract price for each of the four auctions is 96.48 million rubles.

Under the terms of the customer, the credit line will be valid for two years from the date of the state contract conclusion. Until the end of 2014, the borrower will be able to receive any amount within the limit of the credit line. The interest rate will be determined through competitive procedures; the maximum possible value will be 12.06 percent per annum. The borrower will repay the loan with any sum of installments during the validity period of the credit line - with no time limits, penalties and fees.

According to the Ministry of Finance RB, the public debt of the republic was 16.94 billion rubles as of September 1.