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. Last Updated: 07/27/2016

Duma Ups Borrowing

MOSCOW -- The State Duma, Russia's lower house of parliament, gave unanimous initial approval Wednesday to the government's proposal to increase the foreign borrowing limit for this year.

The Duma voted 257-0 to pass the amendment to the 1997 budget, in the first reading. The draft has to pass two more votes in the Duma before going to the upper house for consideration.

The plan raises the foreign borrowing limit to $10.9 billion from $9.8 billion and lowers the domestic limit to reflect the government's plan to end net new borrowing on the bond market this year.