Russian government has expanded writing off debt on budget loans possibility for regions

Tatyana Aksyutina

The Russian government has expanded the possibilities for writing off debt on budget loans for the regions. The mechanism for writing off debts on budget loans will be improved, reducing the debt burden on regional budgets and allocating additional funds to develop priority projects. Prime Minister Mikhail Mishustin signed the corresponding decree.

As Bashinform News Agency found out, we are talking about regions actively developing transport, energy, and utility infrastructure to launch new investment projects.

The amount of write-off depends on the taxes received by the federal budget from the implementation of investment projects. Tax revenues from the phased implementation of new investment projects will be considered. For example, when the first stage of an enterprise is launched. The resolution provides an additional opportunity to write off debt on budget loans offered to regions in 2021-2022.

The debt relief mechanism applies to investment projects in priority sectors, including agriculture, tourism, manufacturing, housing, and road construction.

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