Artyom Zdunov: "We have reduced the volume of public debt by four times; thanks to the President's decisions and our efforts to develop the economy, we have completely repaid our commercial debt."
On June 4, a panel session entitled "Regions in the Face of Global Challenges: How to Maintain Financial Stability and Stimulate Development" was held on the sidelines of the SPIEF, featuring Russian Finance Minister Anton Siluanov. The session discussed ways to improve cooperation between the federal center and the regions, how to most effectively stimulate economic development in the constituent entities of the Russian Federation, including investment activity, and whether mechanisms for treasury loans and regional debt write-offs need to be refined.
Artyom Zdunov, Head of Mordovia, actively participated in the discussion. In particular, the head of the republic shared his experience in pursuing a balanced budget and debt policy and increasing tax potential.
Since 2021, the Mordovia team has accomplished a great deal: it has brought order to its finances, increased investment by opening new sites, and modernized existing enterprises. The Ruzayevka Advanced Development Area and the special economic zone have become an important link in this system.
A public finance recovery program was adopted jointly with the Russian Ministry of Finance. "We have reduced the national debt by four times, and thanks to the President's decisions and our efforts to develop the economy, we have completely repaid our commercial debt," noted Artem Zdunov.
Since 2020, Mordovia has implemented a budget surplus. Over the past five years, we have doubled our own revenues.
The Head of Mordovia has made a number of proposals regarding improving mechanisms for attracting treasury loans and writing off regional debt.
Source: Press Service of the Head of the Republic of Mordovia