Moscow’s budget deficit exceeds $1.8 bln s in 2020
- 08 February 2021
Moscow’s budget revenues amounted to almost 2.9 trillion rubles ($39 bln) in 2020, whereas budget expenditures exceeded 3 trillion rubles ($40.3 bln), a source in press service of the city’s finance department told TASS on Monday, adding that budget deficit totaled over 137 bln rubles ($1.8 bln) and was covered using Moscow’s own funds, APA reports.
"Moscow’s budget revenues amounted to almost 2.9 trillion rubles in 2020, expenditures exceeded 3 trillion rubles, deficit equaled 137.4 bln rubles. Own funds that remained after previous years’ budgets were executed, were the source of deficit financing. No borrowed funds were required to be raised to cover deficit in 2020," press service said.
Moscow maintains the status of a region with high debt stability and credit rating investment grade indicators. The city’s rating was reaffirmed in early 2021 by Moody’s Investors Service Limited global rater and Russia’s top rating agency ACRA.
"The state debt amount remained unchanged last year at 30 bln rubles. The city’s debt is nominated by one issue of its bonds with a maturity in June 2022. The level of debt load on the budget of the city of Moscow as of January 1, 2021 amounted to 1.2% of the amount of planned own budget revenues," the department explained.