MIL OSI Translation. Region: Russian Federation –
Russian regions will receive the first tranche in 2021 to strengthen the stability of budgetary systems – 50 billion rubles. The order was signed by Prime Minister Mikhail Mishustin.
The funds will be distributed across 55 constituent entities. The amount of subsidies is from 300 million to 2 billion rubles. All in all, as Mikhail Mishustin said at a meeting of the Government on July 15, the federal budget has reserved 100 billion rubles for this purpose.
Additional financial support will help the regions to fully fulfill their obligations to citizens, will serve the implementation of socially significant initiatives.
Direct tranches from the federal budget are part of a package of measures to ensure the financial stability of the regions. A significant part of Mikhail Mishustin’s report to the State Duma on May 12 was devoted to this issue. Among the main directions of the upcoming work, he named the implementation of the measures announced by the President in his Address to the Federal Assembly. These include the restructuring of budget loans, the replacement of commercial loans with budget loans, the provision of infrastructure budget loans, and, in addition, the issuance of infrastructure bonds that will allow attracting additional extra-budgetary funds for housing construction.
Last year, 300 billion rubles were already allocated for direct financial support of regional budgets. These funds were used to support citizens, purchase medicines, develop housing and communal services and social infrastructure.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.