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Russian budget based on conservative forecast for oil prices

September 20, 2012, 4:04 UTC+3
Finance Minister Anton Siluanov said Russia will have “a virtually deficit-free budget” in 2015
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Photo ITAR-TASS

Photo ITAR-TASS

MOSCOW, September 20 (Itar-Tass) —— The federal budget deficit in Russia will be 0.8 percent of GDP in 2013 and 0.2 percent in 2014. Finance Minister Anton Siluanov said.

He said Russia will have “a virtually deficit-free budget” in 2015.

The non-oil and gas deficit will decrease from 10.7 percent to 9.7 percent of GDP in 2013; to 8.7 percent in 2014 and 8.5 percent in 2015.

Siluanov recalled that the budget had been drafted in accordance with the budget rule and was based on the oil price of 91 U.S. dollars per barrel in 2013; 92 U.S. dollars in 2014 and 93 U.S. dollars in 2015.

Federal budget revenues in 2013 are projected at 12,865.9 billion roubles and expenditures at 12,387.3 billion roubles.

The upper limit for the state internal debt will be 4.569 trillion roubles as of January 1, 2014 and for the state foreign debt 66.2 billion U.S. dollars (53 billion euros).

The main parameters of the budget are based on the projected GDP of 66.515 trillion roubles and inflation of no more than 5 percent.

In 2014, federal budget revenues are expected to be 14,063.4 billion roubles and expenditures 14,205 billion roubles. The upper limit for the state internal debt will be 7.5 trillion roubles as of January 1, 2015 and for the state foreign debt 75.8 billion U.S. dollars (60.6 billion euros).

In 2015, federal budget revenues are projected at 15,695.5 billion roubles and expenditures 15,706.3 billion roubles. The upper limit for the state internal debt will be 8.1 trillion roubles as of January 1, 2016 and for the state foreign debt 83.8 billion U.S. dollars (67 billion euros).

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