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Russian Finance Ministry plans to reach deficit-free budget within three years

July 06, 2016, 11:29 UTC+3
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MOSCOW, July 6. /TASS/. Russia’s Finance Ministry does not surrender the objective to reach deficit-free budget within three years, Deputy Finance Minister Sergey Storchak said Wednesday.

"The target is there. It has been formulated by the president, head of the government to target gradual decrease of federal budget deficit within the three-year plan from 3% of GDP to 1% of GDP," he said, adding that "further on the plan is to reach deficit-free budget through budget consolidation."

For 2016 the budget deficit target is 3% of GDP though the authorities do not rule out it may rise to 3.3-3.4% of GDP. Earlier the Finance Ministry said it intended to focus its budget policy on decreasing Russia’s budget deficit by 1 percentage point each year and eventually reach deficit-free budget.

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