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IMF report says lack of measures to balance budget may restrict growth of Russian economy

May 19, 16:51 UTC+3 MOSCOW
The absence of credible measures to balance the budget in the medium-term could foster uncertainty and further limit growth, the IMF said in its report
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© Artiom Geodakyan/TASS

MOSCOW, May 19. /TASS/. The lack of credible measures to balance the budget in the medium-term may restrict the growth of Russian economy, the IMF said in its final statement made after the completion of the 2016 mission.

"The absence of credible measures to balance the budget in the medium-term could foster uncertainty and further limit growth," according to the statement.

"The authorities have taken bold initial steps to lower the fiscal deficit. However, the required fiscal adjustment, estimated at about 4-5% of GDP over the medium-term to attain a balanced budget, remains significant," the IMF said.

In January-April, Russia’s federal budget deficit amounted to 1.23 trillion rubles ($18.47 bln), or 4.7% of the GDP.

In April the deficit reached 552.45 bln rubles ($8.28 bln), or 8.6% of GDP, which is a record deficit-to-GDP ratio for this month's since 2011, according to the official website of the Finance Ministry.

Russian President Vladimir Putin earlier tasked the Finance Ministry not to overrun 3% deficit.

According to the estimate of Finance Minister Anton Siluanov, Russia’s budget deficit may be up to 4% of GDP at oil prices about $32 per barrel. The deficit of 3% may be reached at the year-end if the average annual Urals oil price amounts to $40 per barrel.

Earlier, the Finance Ministry said that the country’s budget deficit may reach 4% of GDP if the oil price is about $32 per barrel.

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