Stavropol regional authorities plan to take out $40m worth of loans from local banks to cover the 2009 regional budget deficit, sources in the regional administration reported today.
The region’s Minister of Finances Vladimir Shapovalov said banks would be chosen on an open tender basis, with the total amount to be divided into three lots.
Earlier today Marchmont quoted Mr. Shapovalov as saying that Stavropol Region had opted not to issue bonds to cover the budget deficit, citing the current market turbulence.
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