April 23, 2020 / 12:06 PM / a month ago

Russia may need to borrow more than $20 billion in additional funds: first deputy PM

MOSCOW (Reuters) - Russia may need to borrow an additional 1.5-2 trillion roubles($20-26.7 billion) to support its economy as a consequence of the coronavirus outbreak, First Deputy Prime Minister Andrei Belousov said on Thursday.

“The additional need for borrowing due to the state budget situation could amount to 1.5-2 trillion roubles,” he said.

Belousov, speaking during a video meeting with President Vladimir Putin and other senior government and business figures, said banks are accumulating risks now that could cause problems in the autumn.

Reporting by Darya Korsunskaya, Writing by Alexander Marrow; Editing by Jon Boyle

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