Official says Russia to write off 375 bln rbl debt of defense firms

KAZAN, Mar 5 (PRIME) -- The Russian government will write off about 375 billion rubles of debt of the defense companies and will restructure the same amount for 15 years at 3% annually, Deputy Prime Minister Yury Borisov said at a meeting with the Industry and Trade Ministry of the Tatarstan republic Thursday.

“This is a very serious measure that will unburden (the defense companies) from huge payments to the bankers, will release funds for their development,” Borisov said.

Borisov said in July 2019 that the combined loan portfolio of the sector exceeded 2 trillion rubles and companies were unable to repay loans.

(66.0784 – U.S. $1)

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