By the end of 2019, Russia’s national debt is expected to increase to 15.7 percent of its GDP, said the country’s Ministry of Finance in a document titled “The main directions of the Finance Ministry’s debt policy for 2017-2019.”

According to the Ministry, the average growth rate of Russia’s national debt has exceeded the growth rate of its GDP in recent years. Russia’s debt amounted to 13.2 percent of its GDP, or 11.1 trillion rubles (approximately $18.7 billion) at the end of 2016. This figure to rise to 14.7 percent of Russia’s GDP by the end of 2017.

Only 4.5 percent of Russia’s federal budget is expected to go towards paying off the country’s debt in 2017. This figure is expected to increase to 5.4 percent by the end of 2019, said the Ministry.

The dynamics of world oil prices, read the Ministry’s report, still remains a key risk for the Russian economy. According to the Ministry’s forecast, a barrel of oil will cost an average of 40-60 dollars in 2017-2019.

According to the Ministry of Finance, Russia’s net borrowing amounted to 606.6 billion rubles in 2016.