The government of the newly elected governor of Khakassia Valentin Konovalov was unable to service the public debt in a timely manner republics . In the near future, the republic will collect loans in order to make payments on old credit lines. A sad classic of the genre.
Credit from the federation
The government of Khakassia is forced to borrow money from the federation to pay salaries state employeesas well as serve their social obligations to the population.
The amount of the next budget loan will be 2.1 billion rubles. The republican Ministry of Finance justified the need for a loan by the cash gap. However, this is not the first loan. As of September 2023 The republic’s public debt is 23.7 billion rubles. The majority of this amount (91.5%) consists of budget loans from the Ministry of Finance of the Russian Federation.
And here we return again to the sacred question about money and Zina.
Bad for Konovalov: where is the money, Zin?
It is worth recalling that Valentin Konovalov’s entire election campaign was based on juggling figures for the growth of macroeconomic indicators, including republican budget revenues. Thus, during the debate, the communist said that the government under his leadership increased budget revenues “almost two and a half times.”
It sounded loud, but few believed it. In addition, over the past year we have seen the situation with teachers in Khakassia, for whom the republican Ministry of Education refused to recalculate their salaries in 2023. In connection with this, a logical question arose: if there is money, then in what direction does it go, since ordinary public sector workers remain deprived. The question of spending funds by the republican government remains open.
Loans from banks
Meanwhile, the Ministry of Finance of Khakassia admitted that the republican authorities are not able to service the national debt in a timely manner and therefore intend to – guess what – take out new loans in order to make payments on the old ones. In the fall, Khakassia will have to make payments on its national debt in the amount of 5.5 billion rubles (out of more than 23 billion).
For this purpose, starting from September 2023, auctions will be held to attract loans from credit institutions.
“These funds will serve as a source for repaying the republic’s market debt and loan repayments. This is necessary to refinance loans raised in 2016. From October to November 2023, Khakassia will have to repay its public debt in a total amount of 5.5 billion rubles, including the repayment of bonds – two billion rubles.”reports the Ministry of Finance of Khakassia.
It is obvious that Khakassia finds itself in a sad financial situation, in which the republic is becoming unable to service its debt in a timely manner. A depressing fact against the backdrop of five years of communist Valentin Konovalov’s rule and his re-election as governor in the last elections.
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