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Russia's fed budget for 2011 to be balanced, economic dynamics fair

October 05, 2011, 23:59 UTC+3
By chanelling the greater part of extra revenues to cover the budget deficit, the government plans to cut down the amount of borrowings
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MOSCOW, October 5 (Itar-Tass) — Extra revenues will help Russia get a balanced debt-neutral budget in 2011, Prime Minister Vladimir Putin said Wednesday.

"We plan spending 719 billion rubles /USD 1=RUB 32.5/ to cover the budget deficit in full," he said.

He believes that the extra budget revenues will stand at around 800 billion this year and, in addition to this, the measures aimed at saving will hopefully yield another 131 billion rubles.

By chanelling the greater part of extra revenues to cover the budget deficit, the government plans to cut down the amount of borrowings.

"We'll refrain from borrowing some 394 billion rubles in the domestic market and this means the monies will actually remain in the economy now that some problematic things are present in it," Putin said.

"Russia's economy is displaying fair dynamics on the whole, with the consumer demand growing and the key sectors recuperating at a fast pace," he went on. "The situation with our main exports is good enough on the whole, too."

As he mentioned the extra revenues exceeding 800 billion rubles, the admitted that "the so-called oil and gas revenues account for two-thirds of that sum.

Putin also explained for how the amount of 131 has been accumulated. This has been made possible by the fact that Russia will have to pay less for servicing the state.

"A low and safe level of the state debt is also an indicator of reliability of the macroeconomic situation," he said.

 

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