Oblastnaya Gazeta reported Tuesday the public debt owed by the Sverdlovsk region has decreased by $62.1 million.
This can be attributed to stringent budget reviews by the regional government and finding financial sources other than loans.
Careful examination of required expenditures and finding alternatives to long-term loans allowed the government to ease its financial obligations to lenders and avoid adding new ones. Instead, the regional government opted to fill gaps in the budget with short-term loans that can be paid back more quickly. Since the government is not borrowing as much, it is also easier to pay back.
The regional government has limited how much the public fund can be indebted at $1.2 million. As of Tuesday, the region's public debt amounted to $661,745.44
Public debt refers to the amount of currency the government owes to lenders so it can operate.