Tuesday, September 18, 2018

Sverdlovsk regional finance minister expects deficit to go down

The Sverdlovsk Region's Finance Minister Galina Kulichenko said this week that the regional budget deficit will begin to decrease in the future.

Kulichenko said that he expects the deficit to drop to approximately $299 million in 2015 from the current deficit of $538 million, Ural Business Consulting reports.

The finance minister said in regards to the draft law on the regional budget for 2013 and the plans for 2014 and 2015 that the regional finance analysts prefer to sustain the increase in Sverdlovsk Region's public debt. They expect the deficit to be reduced by $70.2 million by as soon as 2013.

Kulichenko also said that the subsidies to local municipalities that were intended to help even out budget insufficiencies rose by $67 million this year. Also, local towns are now able to restructure their government loans, which will serve as a kind of insurance for the town should regional and local budget revenues drop, according to Ural Business Consulting.