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Russia needs to borrow 1 trillion roubles more to cover non-oil revenue shortfall

Published 04/25/2020, 05:19 AM
Updated 04/25/2020, 05:20 AM
© Reuters. FILE PHOTO:  Russian Finance Minister Siluanov delivers a speech during a session of the lower house of parliament in Moscow

MOSCOW (Reuters) - Russia will need more than 1 trillion roubles ($13.44 billion) of additional borrowing this year to cover the shortfall in non-oil and gas revenues, the Interfax news agency cited Finance Minister Anton Siluanov as saying on Saturday.

Speaking on a state television program, the minister also said that 2 trillion roubles are expected to be directed from Russia's National Wealth Fund to cover shortfalls in revenues that do come from the oil and gas sector.

Latest comments

yes, just cut production for theirs responsibility.
All in the name of pride..just cut the oil production
Everyone needs to cut, not just Russia or OPEC.
The Fund is about 130 billions USD. They can endure 10 more years of not more. Qwestion is. Will US Economy survive? Dept to GDP IS A 14% IN RUSSIA, USA IS 105%...
Just for the record USA debt/gdp is well over 130% now
It's a shame they chose not to embrace democracy. Such a sad and wasted opportunity.
Just a matter of time now till Russia starts selling its gold reserves.
why would russia sell if they bought it in order to deficit spend in the first place?
good luck Poutine. Without commodities Russia is a nothing. who could name only one major russian company in NTC health services or industry ?
What does usa export then? No sighn of usa industry in europe.
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