Russia: 2002 Budget Execution And 2003 Debt Financing – Under Control

Publication date
Tuesday, 06.08.2002

Niclas Sundstrom

Citigroup/Schroder Salomon Smith Barney

Recently, Russian finance officials have made a number of comments regarding 2002 budget execution, as well as 2003 debt financing, including the suggestion Russia might refrain from issuing a new Eurobond even in 2003. This note looks into the various issues here involved: actual budget performance, the reasons and context for alleged revenue slippage, the regional budget challenges, including arrears developments, why 2003 budget financing remains manageable and why it is likely a new Russian Federation Eurobond might be issued in 2003. The findings re-affirm fiscal fundamentals remain supportive for Russian financial assets.


Niclas Sundstrom,
Analyst of Citigroup/Schroder Salomon Smith Barney
Economic and Market Analysis, London EC475

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