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MOSCOW, May 22 (Itar-Tass) - Russia’s Finance Ministry may revise the 2014 budget deficit, as incomes may shrink by 650 billion rubles, Finance Minister Anton Siluanov told the media.
The Economic Development Ministry’s revised forecast, falling import and a firmer exchange rate of the ruble as compared with the previous forecast would cause budget incomes - both oil and gas revenues and other - go down by 650 billion rubles next year against the earlier approved three-year plan.
Siluanov explained this may affect the budget deficit.
“Even when incomes fall as compared with the approved three year plan, we cannot cut spending. It is a rule. What we can do is to reduce the conditionally approved spending to keep the budget in balance,” Siluanov said.
The conditionally approved spending stands at 350 billion rubles.