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Home Breaking News Russia's largest sovereign debtors named

Russia’s largest sovereign debtors named

The World Bank (WB) for the first time provided data on the bilateral debt of the overwhelming majority of developing countries to other states, including Russia.

The Ministry of Finance of the Russian Federation, which is responsible for loans to foreign countries, does not publish such information: the program of state loans is annually described by secret annexes to the federal budget, RBC reports.

According to the World Bank, at the end of 2019, about 30 developing countries owed Russia almost $ 22.9 billion in bilateral loans: these are either state debts or legal entities’ debts guaranteed by states.

The largest state debtor of Russia is Belarus – $ 8.1 billion at the end of 2019.

More than $ 1 billion at the end of the year before last owed Russia each of the following countries: Bangladesh, Venezuela, India, Vietnam and Yemen.

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The debt of African countries (excluding Egypt) to Russia amounted to $ 973 million at the end of 2019. These are Somalia ($ 418 million), as well as Mozambique, Ethiopia, Madagascar, Zambia, Sudan and Tanzania. Basically, these countries took loans from the USSR, but there are also new Russian loans – from Zambia and Mozambique.

We also remind that the state debt of Russia increased by the end of 2020 by 5 trillion 418.2 billion rubles, or 39.9%, follows from the analytical note of the Accounts Chamber of the Russian Federation.

Thus, the department calculated, the national debt amounted to “18 trillion 985.6 billion rubles or 17.8% of GDP.”

The Accounts Chamber clarified that of the total amount, domestic debt reached 14.791 trillion rubles (an increase of 45.4% in 2020), while external debt in foreign currency increased by 3.5% to $ 56.8 billion (4.195 trillion rubles).

In general, the department stated, “the Russian economy has shown sufficient stability during the crisis (“ covid ”- ed.) 2020, while“ experts and international organizations expected a more pessimistic development of the situation ”.

In addition, the Accounts Chamber admitted that the ruble also proved to be more resistant to fluctuations in oil prices than during the 2014-2016 crisis.

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