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| Russia’s reserves fully cover nation’s internal & foreign debt for 1st time ever – Putin | Russia’s reserves fully cover nation’s internal & foreign debt for 1st time ever – Putin |
| (32 minutes later) | |
| Russia’s foreign exchange reserves can now cover all of the debt owed by both the government and domestic businesses, Russian President Vladimir Putin has announced. | Russia’s foreign exchange reserves can now cover all of the debt owed by both the government and domestic businesses, Russian President Vladimir Putin has announced. |
| “For the first time in history our reserves fully cover foreign debt, including government and commercial sector debt,” Putin said addressing the Federal Assembly in Moscow on Wednesday. | “For the first time in history our reserves fully cover foreign debt, including government and commercial sector debt,” Putin said addressing the Federal Assembly in Moscow on Wednesday. |
| The country’s external debt amounts to $453.7 billion, while its international reserve funds stand at $475 billion as of February 8, 2019, according to infographics presented by the president. | The country’s external debt amounts to $453.7 billion, while its international reserve funds stand at $475 billion as of February 8, 2019, according to infographics presented by the president. |
| Putin added that money allocated by Russia’s sovereign wealth fund also greatly contributes to the national budget, amounting to more than $1 billion last year. | Putin added that money allocated by Russia’s sovereign wealth fund also greatly contributes to the national budget, amounting to more than $1 billion last year. |
| The Russian president said he wants the national economy to grow more than 3 percent in 2021, with foreign investment in the country set to rise 6-7 percent. To reach such figures, the president set several tasks for the government, such as increased productivity, making Russia attractive to foreign companies, and improving regional infrastructure. | The Russian president said he wants the national economy to grow more than 3 percent in 2021, with foreign investment in the country set to rise 6-7 percent. To reach such figures, the president set several tasks for the government, such as increased productivity, making Russia attractive to foreign companies, and improving regional infrastructure. |
| Russia’s external debt has fallen by $64.4 billion or 12.4 percent from the beginning of last year to the lowest level in a decade, the Central Bank of Russia announced in January. Moscow has reduced its foreign debt by $280 billion since mid-2014, when it reached a peak of nearly $733 billion due to the initial impact of Western sanctions. | |
| Meanwhile, Russia’s foreign exchange reserves have been growing for three consecutive years, increasing 8.3 percent to over $468 billion in the beginning of this year. | |
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