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Medvedev says Russian budget deficit has grown but remains 'acceptable'

October 06, 13:08 UTC+3
Medvedev has noted that the government intends to reduce inefficient budget spending
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© Dmitriy Astakhov/Russian government press service/TASS

MOSCOW, October 6. /TASS/. Deficit of the federal budget has grown but is still at an acceptable level, Russian Prime Minister Dmitry Medvedev said on Thursday.

"We need to adjust the budget deficit that has somewhat increased on the whole but remains at an acceptable level," Medvedev said. 

The Russian government will redistribute more than 1 trillion rubles ($16 bln) in the budget for the current year and these funds will be mainly spent on fulfillment of social obligations, the premier added: 

"We will redistribute the money in favor of the most important areas. More than 1 trillion rubles will be redistributed - first of all, of course, they will be spent to fulfill our social obligations."

Medvedev has noted that the government intends to save at least 700 bln rubles ($11 bln) by the end of 2016 by reducing inefficient budget spending: 

"We are working on reduction of inefficient budget expenditures. At the end of the year we expect to save about 700 bln rubles and even more."

Earlier this week, the Finance Ministry set a deficit of 3.66% of GDP in amendments to the budget for 2016.

According to the amendments, the 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.

The amendments include decrease of budget revenues in 2016 by 370 bln rubles ($5.9 bln) to 13.3 trillion rubles ($213.2 bln) and growth of spending by more than 300 bln rubles ($4.8 bln) to 16.4 trillion rubles ($262.9 bln).

GDP assessment for 2016 was increased to 82.815 trillion rubles ($1.33 trillion) from 78.673 trillion rubles ($1.2 trillion), inflation was decreased to 5.8% from 6.4%.

The Ministry’s amendments to the 2016 budget also imply the increase of spending by more than 300 bln rubles ($4.8 bln) to 16.4 trillion rubles ($263 mln) and the decline in revenues by 370 bln rubles ($5.9 bln) to 13.3 trillion rubles ($213 bln).

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