Chelyabinsk Oblast will Get into Debt

31.03.2009 — News

THE CHELYABINSK OBLAST.

For the first time in nine years the Chelyabinsk Oblast has a budget deficit. The regional Parliament informed RusBusinessNews that the budget revenue will see additional subsidies amounting to 1.87 billion roubles. As a result the revenue will reach 66.49 billion. There will be a much stronger - 14 billion - increase in spending which will reach 78.99 billion roubles. Some of this money will be spent to buy up the additional equity offering of OAO Uzhno-Uralskaya Korporatsia Zhilishchnogo Stroitelstva i Ipoteki (South-Urals Corporation of Housing Construction and Mortgage), to establish the Foundation for the Support of Lending to Small Business, and for the motorway network development. The treasury deficit will amount to almost 16%. It is planned to cover the shortage of funds at the expense of the regional reserve fund and a loan form the Ministry of Finance of the RF.