Putin orders to prepare program to restructure regional debts

MOSCOW, Oct 10 (PRIME) -- President Vladimir Putin has authorized the government to design a program to restructure Russian regions’ debts to the budget and to present it until November 1, the Kremlin’s official Web site said late on Monday.

All regions are to repay their debts by yearly installments during seven years. In 2018-2019, they will pay 5% of the debt as of January 1, 2018. In 2020, the payment will come to 10% and in 2021-2024 -- to 20%.

Further debt restructuring will be available for regions that will ensure budget incomes of at least at the rate of inflation.

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