A socially oriented non-financial development institution and a major organizer of international conventions, congress, exhibitions, business, social and sporting, public, and cultural events.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and business, public, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, helps foster social entrepreneurship and charitable initiatives, and supports the development of the Friends for Leadership international youth movement, which is working to implement the UN Sustainable Development Goals.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5000 people working in Russia and abroad. In addition, it works in close cooperation with 163 economic partners; industrialists’ and entrepreneurs’ unions; and financial, trade, and business associations from 76 countries worldwide.

The Roscongress Foundation has Telegram channels in Russian (t.me/Roscongress), English (t.me/RoscongressDirect), and Spanish (t.me/RoscongressEsp). Official website and Information and Analytical System of the Roscongress Foundation: roscongress.org.

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Far East Federal District - long-term debt financing needed

In the run-up to Eastern Economic Forum-2019 (further EEF), analysts of the ACRA rating agency have prepared a research named ‘Far Eastern Federal District — Long-Term Financing by Bonds’. The paper gives insight into sources of financing for the Far Eastern regions and has been developed in partnership with the Roscongress Foundation. It has become the first joint project of ACRA and the Roscongress Foundation based on their expert and analytical cooperation.

One of the main findings of the research is the conclusion that regions of the Far Eastern Federal District (FEFD) will not be able to cover the expenditures planned for the current year on their own. This is obvious even in spite of the 2018 budget surplus and the growth of their own earnings in the early 2019. The total demand of the FEFD for debt financing is estimated to be around 180 billion rubles for the period from 2019 to 2021. This issue is going to be most pressing in Khabarovsk Territory, Yakutia and Buryatia. Financing of the Far Eastern regions greatly relies on federal budget transfers: nearly all FEFD regions have the share of government transfers in excess of the country average (19%), and in some regions, this share is as high as 40% or more.

Given this situation, ACRA is drawing attention to a significant untapped potential of the Far Eastern regions from the point of view of bond issue. Currently, the FEFD accounts for only 5% of outstanding bonds issued by regional government bodies; and Yakutia is the only Far Eastern region regularly floating its bonds. According to the ACRA estimates, servicing bonds will be cheaper for the regions than servicing bank loans that have recently been favoured by the FEFD regions.

Analytics on the topic