Moscow proposes annual bond borrowing ceiling of 300 billion rubles

Moscow's draft budget for 2027–2029 sets an annual bond borrowing ceiling of 300 billion rubles, 100 billion above the current limit, Interfax reported on October 16.

The draft sets a maximum maturity of 30 years for debt obligations. The annual ceiling stood at 150 billion rubles for several years before rising to 200 billion in the 2026–2028 budget.

The city has made little use of the permitted borrowing. In 2023 it issued two billion rubles of green bonds for individual investors. It made no new placements in 2024–2026, according to the agency.

In comments on the draft, City Hall said borrowing would depend on budget execution and the actual need for funds.

The 2027 draft envisages revenue of approximately 5.94 trillion rubles, expenditure of about 6.59 trillion and a deficit of 651 billion.

The planned deficit falls to 500 billion rubles in 2028 and 340.6 billion in 2029.