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The regions expect maximum budget deficits over 20 years
In 2020, budget deficits in the Russian regions may turn out to be maximum over the past 20 years. The reason for this is the coronavirus pandemic.
According to TASS citing the S&P rating agency, deficits can range from 6% to 9%. Their volume will depend on the degree of reduction in tax revenues and a possible reduction in capital expenditures of the treasury, as well as on state support.
According to experts, additional transfers from the federal treasury can only cover the additional costs of the regions due to the coronavirus by only 20%. As a result, the debt burden of subjects by the end of 2022 may grow up to 30%.