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Kudrin says it will be difficult to reach budget deficit of 3.1% of GDP in 2017

October 31, 2016, 12:09 UTC+3

Ex-finance minister Alexei Kudrin expects this year's budget deficit at around 3.7%

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© Sergei Fadeichev/TASS

MOSCOW, October 31. /TASS/. Head of Russia’s Center for Strategic Research (CSR) and ex-finance minister Alexei Kudrin says it will be difficult to reach budget deficit of 3.1% of GDP this year.

"This year budget deficit will be around 3.7%, possibly 3.9%. The plan for next year is 3.1%, which will be difficult to fulfill," he said.

On October 21, the State Duma (lower house of parliament) approved amendments to 2016 budget in the first reading, which provides for budget deficit outlook downgrade to 3.7% of GDP.

Later, the Finance Minister downgraded its federal budget deficit outlook for 2016 from planned 3% of GDP to 3.9% of GDP, according to the documents released when 2017-2019 draft budget was submitted to the State Duma on October 28.

The draft budget for 2017-2019 implies that Russia’s federal budget deficit will amount to 2.753 trillion rubles ($43.7 bln) in 2017, which means the government plans 3.2% of GDP budget deficit with further cutback.

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