Cardinal Parolin: Dialogue of Roman Catholic and Orthodox Churches to help them feel unitySociety & Culture August 20, 8:27
Polina Dibrova, mother of three, wins Mrs. Russia 2017 beauty pageantSociety & Culture August 20, 4:41
Russian emergencies ministry plane returns from firefighting mission in ArmeniaWorld August 20, 4:39
East Ukraine conflict claimed nearly 3,000 civilian lives — ICRCWorld August 20, 1:56
Renowned Russian filmmaker Andrei Konchalovsky turns 80Society & Culture August 20, 0:48
One of seven injured in Surgut stabbing spree in critical condition — authoritiesSociety & Culture August 19, 23:51
Netanyahu expects to meet with Putin in Sochi on August 23 — Israeli premier’s officeRussian Politics & Diplomacy August 19, 22:47
Surgut attacker is identified as a local resident - investigationSociety & Culture August 19, 14:09
Combat module containing neural networks may become series in Russia in 2018 — designerMilitary & Defense August 19, 10:44
ST. PETERSBURG, June 16. /TASS/. The Russian Finance Ministry will spend 2-2.5 trillion rubles ($30.3-38 bln) from the Reserve Fund and net borrowings will amount to about 300 bln rubles ($4.6 bln) this year, Minister Anton Siluanov said on Thursday at the St. Petersburg International Economic Forum (SPIEF).
"Net borrowings will be about 300 bln rubles ($4.6 bln) this year; reserves to be spent will range from 2 to 2.5 trillion rubles ($30.3-38 bln)," Siluanov said.
However, growth of the Russia’s budget deficit to 3-5% of the GDP will result in higher net borrowings.
"Indeed, if the budget deficit is 3 or 5%, then the amount of net borrowings will have to be higher," Siluanov said.
The minister has stressed that the finance ministry would not use the whole of the Reserve Fund, and a safety cushion will remain.
"We’ll keep the Reserve Fund, won’t use the whole of it. That’s why we’ll be reducing the expenses of the Reserve Fund within the next three years keeping a safety cushion and gradually boosting the volume of domestic borrowings," Siluanov said, adding that the issue is not about borrowings in foreign exchange and it is only possible to finance the budget using domestic borrowings.