Russia could have increased its total debt by half without threatening financial stability and used the extra money to boost growth and end the stagnation, according to analysts at Sberbank CIB, but won’t as long as it is in a de facto economic war with the US.Russia’s zero net public debt makes it unique amongst the major economies of the world, but it is not debt free and this does not include the commercial debt, which in Russia’s case makes up eight out of every ten dollars of its total gross debt.However, even including the commercial debt into the calculation, Russia still comes out way ahead of the rest of the world. Previously, it was planned to pay off about $1.4 billion this year as part of the debt servicing.
The difference is that while developed markets, with their sophisticated financial sectors, maintain only small international foreign exchange reserves, as they can finance imports using financial instruments, the emerging markets tend to keep at least three months of reserves on account as a buffer against external shocks. The smaller the debt, the lesser the chances of a default. In the noughties the breakeven price of oil for the budget was $115 per barrel but now that has fallen to around $41, so while the prices are lower Russia’s profit margin is wider.The gross international reserves increased sharply in 2018 and are likely to increase at the same pace this year, reports RBC. Russian investigators said they found body fragments of Ukrainian rapper Andy Cartwright in a St. Petersburg flat.Lebedev owns Britain’s Independent and Evening Standard newspapers and is the son of Russian oligarch Alexander Lebedev.Belarus accuses the 33 detained Russians of plotting riots ahead of its presidential elections.More than 37,000 metro passengers have been fined for not wearing a face mask or gloves.
The amount the state has in cash in deposits with the Central Bank was 17.6 trillion rubles ($269 billion) on the same date, or 16.2% of GDP.“In other words, if Russia suddenly needed to pay off all its debts immediately, it could do it just by dipping into the cash on account at the government deposits with the Central Bank and commercial banks,” writes Ivan Tkachev, the economics editor at RBC.Although oil prices are much lower than their boom years peak of some $150, Russia Inc is accumulating money quickly again as it has become a lot more profitable than it was in the noughties. Keen to establish a reputation as a reliable borrower – despite Western financial sanctions over the Ukraine conflict – Moscow announced last week it would pay off US… Igor Ivanko / Moskva News Agency
She said the 189-nation lending agency was forecasting a recovery in 2021, saying it could be a “sizable rebound.” But she said this would only occur if nations succeed in containing the coronavirus and limiting the economic damage(AP Photo/Jens Meyer, File) She said the money will come from the IMF’s revamped Catastrophe Containment and Relief Trust, which will use recent pledges of $185 million from the United Kingdom and $100 million from Japan. Russian President Vladimir Putin has a bee in his bonnet about debt.
During the boom years Putin signed off on former Finance Minister Alexei Kudrin’s plan to ring fence several reserve funds that amazingly were kept away from greedy oligarchs and profligate Duma deputies.This February Putin crowed in his state of the nation speech that Russia’s cash reserves had grown so big the country can now cover its external debt dollar-for-dollar with cash as Russia’s gross international reserves (GIR) overtook the external debt for the first time ever.Now the country has gone to the next level. The International Monetary Fund has approved $500 million to cancel six months of debt payments for 25 of the world’s most impoverished countries so … Most countries ran up huge bills as they borrowed heavily to stave off recession following the 2008 global financial crisis, caused by the implosion of the US sub-prime mortgage market and its mortgage backed securities.Developed world economies are running total gross debt to GDP ratios of around 200% of GDP or more and global gross debt is currently at a record high. Georgieva said Friday, March 27, it is clear that the global economy has now entered a recession that could be as bad or worse than the 2009 downturn.
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