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Ex-minister warns Russian budget deficit may top 5-5.5% of GDP in 2016

March 17, 11:44 UTC+3
The Finance Ministry’s budget deficit expectations remain within the target band of 3% of GDP
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Alexey Kudrin

Alexey Kudrin

© Sergei Bobylev/TASS

MOSCOW, March 17. /TASS/. Russia’s budget deficit may top 5-5.5% of GDP this year, the former finance minister and the head of the Civic Initiatives Committee think tank Alexey Kudrin said Thursday.

The Finance Ministry’s budget deficit expectations remain within the target band of 3% of GDP set by President Vladimir Putin.

"The budget deficit was initially planned at 3% while the actual situation is much worse. This year’s budget deficit will exceed 5% and may top 5.5% without additional indexation," Kudrin said, adding that the current environment is extremely unfavorable for additional indexation of retirement benefits.

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