Municipal and sub-federal debt market
Journal: RePEc: Research Papers in Economics
Year: 2017

According to the 2016 year-end data, the regional consolidated budget and local government off-budget funds’ budget ran a deficit of Rb 303.5m and thereby reached an almost deficit-free level. By comparison, the regional consolidated budget and local government off-budget funds’ budget amounted to Rb 178.7bn (0.22% of GDP) in 2015.