Moscow’s budget revenues amounted to almost USD 39 bln in 2020, whereas budget expenditures exceeded USD 40.3 bln, according to the press service of the city’s finance department. The budget deficit totaled over USD 1.8 bln and was covered using Moscow’s own funds.
“Own funds that remained after previous years’ budgets were executed, were the source of deficit financing. No borrowed funds were required to be raised to cover deficit in 2020,” press service said.
Moscow maintains the status of a region with high debt stability and credit rating investment grade indicators. The city’s rating was reaffirmed in early 2021 by Moody’s Investors Service Limited global rater and Russia’s top rating agency ACRA: “The state debt amount remained unchanged last year at RUB 30 bln. The city’s debt is nominated by one issue of its bonds with a maturity in June 2022. The level of debt load on the budget of the city of Moscow as of January 1, 2021 amounted to 1.2 percent of the amount of planned own budget revenues”.