Monday, June 18, 2018

Sverdlovsk region receives funds from Zapsibkombank

According to a recent report from Ural Business Consulting, the finance ministry of the Sverdlovsk region recently borrowed more than $8 million (USD) from Zapsibkombank.

Zapsibkombank, based in Tyumen, granted the funds so that the Sverdlovsk region could pay off its debts or finance its local budget deficit.

At the end of 2014, the debt of the Sverdlovsk region increased by 47 percent, amounting to more than $806 billion as of January 1, 2015. The Sverdlovsk region’s local budget deficit now stands at more than $471 billion.

Earlier this year, the Russian government made a decree that local ministries can borrow amounts exceeding $579 billion from banks.

Galina Kulachenko, the finance minister, has explained that these loans will be used only to pay off regional debts and local budget deficits.

The bank statement commented that Zapsibkombank and the government of the Sverdlovsk region have been working together for approximately two years.

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Ural Business Consulting

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