June 6, 2018 / 11:55 AM / in 4 months

Russia deputy fin min: No plans to up annual borrowing debt by 1 trln roubles

MOSCOW, June 6 (Reuters) - The Russian Finance Ministry has no plans to increase state borrowing by an extra 1 trillion roubles ($16.15 billion) a year, Deputy Finance Minister Vladimir Kolychev said on Wednesday.

Kolychev’s comments follow a Reuters interview with Central Bank Governor Elvira Nabiullina who said there was room for more state borrowing and, in the Russian language version of the interview, used as an example an increase in borrowing of 1 trillion roubles a year.

Kolychev reiterated the finance ministry’s plan to borrow an extra 3 trillion roubles in 2019-2024 to set up an infrastructure fund.

A more substantial increase in borrowing would have a negative impact on the cost of credit and on the stability of public finances, Kolychev said. ($1 = 61.9275 roubles) (Writing by Andrey Ostroukh Editing by Raissa Kasolowsky)

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