Oblast Escapes From Pit Of Debt

On 27 October the Leningrad Oblast Finance Committee paid off the third issue of six-month state obligations (LGO), with 19m roubles.

<BR>On 27 October the Leningrad Oblast Finance Committee paid off the third issue of six-month state obligations (LGO), with 19m roubles.<BR>The payment should have been made on 15 October, but was delayed for 12 days. Nevertheless, unlike Orienburg Oblast and Yakutia, the oblast managed to pay off the debt to bond holders, and found its way off the list of non-paying regions.<BR>It remains a secret for insurers, where exactly the oblast administration found the money to pay off the obligations - the source could have been internal reserves or borrowed funds. The source is not named in an official statement on the LGO payment.