Bashkiria will be given debt standstill of 8.2 billion rubles until 2024

UFA, 27 February 2019. /Bashinform News Agency/ translated by Tatiana Aksyutina/.

On Thursday, February 28, a regular meeting of the State Assembly of the Republic will be held in Ufa. One of the key issues will be consideration of seven bills on granting loans to the republican budget from the federal one to partially cover the budget deficit of the Republic of Bashkortostan.

“These agreements were concluded at the end of December last year between the Government of the Republic and the Ministry of Finance of Russia in connection with the restructuring of budget loans,” commented on Konstantin Tolkachev, Chairman of the State Assembly - Kurultay of the Republic of Bashkortostan. “In accordance with the federal law, such agreements must be approved by regional laws within three months from the date of signing. According to these agreements, until 2024, the republic’s debt on federal loans in the total amount of 8.2 billion rubles is being restructured. The fee for the use of loans will be only 0.1 percent per annum. Thus, the additional agreements concluded will have a very positive effect on the economy of the republic. ”

Konstantin Tolkachev noted that the restructured debt would be repaid in stages in several tranches: in 2018–2019 in the amount of 5% of the debt annually, in 2020 - 10% of the debt, in 2021–2024 - in equal 20% parts. The draft laws were supported by the relevant parliamentary committee on budget, tax, investment policy, and property relations.