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Russian Finance Ministry forecasts growth of 2016 budget deficit by more than $10 bln

October 03, 2016, 14:54 UTC+3 MOSCOW

According to the ministry, the budget deficit will stand at $48.02 bln

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© Vladimir Smirnov/TASS

MOSCOW, October 3. /TASS/. Russia's Finance Ministry forecasts growth of budget deficit by more than 670 bln rubles ($10.7 bln) to 3 trillion rubles ($48.02 bln) in the 2016 budget, according to the amendments to the draft budget for 2016 prepared by the Finance Ministry.

The amendments included to decrease of budget revenues in 2016 by 370 bln rubles ($5.9 bln) to 13.3 trillion rubles ($212.87 bln) and growth of spending by more than 300 bln rubles ($4.8 bln) to 16.4 trillion rubles ($262.5 bln).

The draft amendments also included increase in domestic borrowing from 300 bln rubles ($4.8 bln) to 500 bln rubles ($8.02 bln).

According to Finance Minister Anton Siluanov, amendments to the 2016 budget will be taken into account, reduction of limits by 10%, as well as a series of amendments regarding proposals of the ministries and agencies to shift resources from one position to another ", - said Russian Finance Minister Anton Siluanov.

Siluanov told reporters at the Sochi International Investment Forum 2016, that Russia's budget deficit in 2016 could reach 3.5-3.7% of GDP, depending on the structure of the deal with Bashneft. "The deficit in 2016 will be 3.5-3.7% of GDP, depending on the structure of the deal with Bashneft," he said.

According to him, if the deal will be structured through Rosneft and Rosneftegaz - it will reduce the budget deficit. "If it is structured as a regular transaction not associated with Rosneft, it will be a source for financing the deficit," he added.

First Deputy Prime Minister Igor Shuvalov said earlier that Russian oil producer Bashneft may be privatized by 2016 year-end but no final decision has been made so far.

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