The coronavirus pandemic will cost the Moscow's budget about 800 billion rubles ($10.2 billion) this year, the city's deputy mayor for economic policy, Vladimir Efimov, said in an interview with Sputnik
MOSCOW (Pakistan Point News / Sputnik - 05th October, 2020) The coronavirus pandemic will cost the Moscow's budget about 800 billion rubles ($10.2 billion) this year, the city's deputy mayor for economic policy, Vladimir Efimov, said in an interview with Sputnik.
"If we also compare with the fact that we planned an 8-percent increase in revenues compared to last year, then the total budget losses will exceed 500 billion rubles. At the same time, we incurred about 300 billion rubles of additional expenses that were not provided for in the original budget and were associated with the re-equipment of hospitals for COVID ... That is, it will cost the budget about 800 billion [rubles] at the end of the year, provided that we remain in the current situation," Efimov said.
Moscow's economy will fully recover and return to its previous dynamics by end-2021 or mid-2022, Efimov said.
The deputy mayor also noted that for the first time in the last decade, the capital would enter the borrowing market.
