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Russian Finance Ministry puts budget deficit in 2015 at 3% of GDP

The Finance Ministry is gradually shifting to a model when budget deficit is fully financed using market borrowings without the Reserve Fund’s resources

© TASS/Sergei Konkov

MOSCOW, September 17. /TASS/. Budget deficit will reach 3% of GDP in Russia in 2015, Deputy Finance Minister Maksim Oreshkin said at Fitch conference on Thursday.

"Deficit will stand at around 3% of GDP by the end of the year," he said, adding that in 2016, under conservative forecast budget deficit will not exceed 3% of GDP in Russia either.

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In 2016, the situation with budget deficit will most likely be managed despite the fact that revenues will slightly fall compared with the previous year, Deputy Minister said.

In Q1 2015, revenues were quite high due to a surge in retail sales and particular taxes in the oil sector, Oreshkin said. "Next year we won’t have such good results as we had in the first quarter. The key task here is to maintain deficit at the level of 3% of GDP in terms of expenditures," he said.

The Finance Ministry is gradually shifting to a model when budget deficit is fully financed using market borrowings without the Reserve Fund’s resources. According to the official, the plan is to shift to this model within 3 years.

Russian Finance Ministry to get round to 3-year budget planning in 2016

According to the official, the Russian Finance Ministry may get round to 3-year planning of the budget in 2016.

"After 1-year budget next [year] I think we’ll get round to 3-year budget and will consider 2017-2019 budgets," he said.

Currently, it’s not quite reasonable to assume liabilities for 3 years, he added.

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