Crisis loan to Arkhangelsk
The state-controlled VTB Group has issued a 300 million RUB crisis credit to Arkhangelsk Oblast. The loan is to help the regional administration cope with budget deficits.
The credit has a ten-month limit, Regnum reports. The financial crisis and economic downturn has put the Arkhangelsk Oblast is a difficult situation with 2009 budget deficit amounting to an estimated five billion RUB, which is about 15 percent of the region’s total budget revenues. The VTB is one of Russia’s biggest banks. It is 77,5 percent state-owned.
