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Russian budget may have small surplus in 2011 – Finance Ministry

November 12, 2011, 19:22 UTC+3

Earlier, President Dmitry Medvedev signed amendments to the federal budget for 2011 and the projected period of 2012-2013

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MOSCOW, November 12 (Itar-Tass) —— The Russian budget may have a surplus of 0.1-0.2 percent of GDP this year, the Finance Ministry said on Saturday, November 12.

“At any rate, we expect no deficit,” Deputy Finance Minister Tatyana Nesterenko said.

She did not provide any data regarding budget implementation in the first ten months of the year, but noted that there was a surplus as well.

Earlier, President Dmitry Medvedev signed amendments to the federal budget for 2011 and the projected period of 2012-2013.

The amendments were drafted taking into account the results of the budget implementation in January-August 2011 and also on the basis of updated forecasts of socio-economic development of Russia and the expected results of budget implementation in 2011.

The amendments approve the key parameters of the budget for the current fiscal year, which increase the projected GDP, federal budget revenues and expenditures, lower the ceiling for the state internal and foreign debts, and envisage a deficit-free budget.

The amendments also increase budget appropriations for the fulfilment of public regulatory obligations in 2011, redistribute budget appropriations within the approved amount of expenditures, and specify contributions to the authorised capital of open joint stock companies.

At the same time, Russia will not avoid a budget deficit if oil prices continue to fall, the Finance Ministry said in a medium-term forecast presented by acting Finance Minister Anton Siluanov earlier.

The draft budget for 2012 is based on the average annual oil price of 100 U.S. dollars per barrel and GDP of 58.683 trillion roubles.

Indicators for 2013 are 97 U.S. dollars per barrel and 64.803 trillion roubles. The projected oil price for 2014 is 101 U.S. dollars per barrel, and GDP is 72.493 trillion roubles.

If the average annual price falls to 90 U.S. dollars per barrel, the budget deficit in Russia will be 2.5 percent of GDP, and about 5.4 percent of GDP is the oil price is 60 U.S. dollars per barrel.

“In this case we will not be able to direct money to the Reserve Fund and will have to use it,” the acting finance minister said, adding that this would make it hard to balance the budget.


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