Moscow Facing a USD 3.2 Billion Deficit in 2017

Russian business daily “Vedomosti” reports that the Moscow city budget deficit is expected to reach 218 billion rubles (USD 3.2 billion) in 2017 due to infrastructure development financing requirements. Moscow authorities plan to invest as much as 1.9 trillion rubles (USD 28.1 billion) in infrastructure in the period 2016-2019 after the city halted most of its development projects in 2015 due to economic uncertainty. Most of the infrastructure budget will be spent on transportation (654 billion rubles, or USD 9.7 billion), primarily to support and expand the metro network. The city will also increase its investments in road infrastructure in order to prepare for the FIFA 2018 World Cup. 

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