Page content
Municipal and sub-federal debt market in 2020
The crisis phenomena in the global and Russian economy directly related to the introduction of quarantine measures in 2020, led to the deficit of the consolidated regional budget. At end-2020, the consolidated regional budget and the budgets of territorial state extra-budgetary funds ran a deficit of Rb667.4 bn, or 0.63% of GDP. To compare, in 2019 the consolidated regional budget and the budgets of territorial state extra-budgetary funds ran a surplus of Rb17.4 bn, or 0.02% of GDP.