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Russia’s privatization revenues may rise to 0.5% of GDP per year

July 10, 2017, 19:28 UTC+3 YEKATERINBURG
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YEKATERINBURG, July 10. /TASS/. Russia’s former finance minister and Chief of the Center for Strategic Research (CSR) Aleksei Kudrin considers it possible to raise annual privatization revenues to half a percent of GDP, which is 10 times more than planned for 2017, according to TASS calculations.

"We assume that it is possible to bring privatization proceeds to the level of around 0.5% of GDP annually," he said Monday, adding that last year’s privatization revenues exceeded 1 trillion rubles ($16.5 bln), including the transaction to privatize a stake in Rosneft.

Initially it was planned to raise 138 bln rubles ($2.3 bln) from privatization deals in 2017, though later Finance Minister Anton Siluanov said that the Russian budget would not receive 96 bln rubles ($1.66 bln) of planned revenues following budget adjustments. Thus, the state will raise 42 bln rubles ($697 mln) from privatization deals, or 0.04% of GDP with expected GDP amounting to 92.19 trillion rubles ($1.5 trillion).

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