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Russia's Finance Ministry to revise budget parameters considering coronavirus in spring

Global economic growth will be lower than expected, the finance minister said

Russian Minister Anton Siluanov Vladimir Gerdo/TASS

Russian Minister Anton Siluanov

© Vladimir Gerdo/TASS

MOSCOW, February 28. /TASS/. Russia’s Finance Ministry will revise the outlook and parameters of 2020 budget considering the aftermath of the novel coronavirus spread in the spring, Minister Anton Siluanov told reporters on Friday.

"It should be seen how long-term the consequences of the virus are. I think that we will revise the outlook and our budget estimates in the spring. Currently we have an extraordinary (budget revision) on the address. Currently the amendments consider solely the address," he said, adding that global economic growth will be lower than expected.

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Spread of coronavirus outside of China presents negative scenario for ruble — experts

"However, we do not know how the situation will unfold," the minister emphasized.

On February 19, Russia’s government submitted amendments to the federal budget for 2020 and the planned period of 2021-2022 to the State Duma (lower house of parliament). The Finance Ministry has revised a number of budget parameters due to a possible effect of implementation of social measures announced by President Vladimir Putin in State of the Nation Address.

The Central Bank said earlier that the decline in global demand due to the spread of the novel coronavirus might bear major risks for production activity in Russia.

Experts interviewed by TASS projected that the coronavirus spread across the globe, particularly the outbreak in Italy, might result in currency instability and negative implications for the ruble’s exchange rate, as well as put pressure on global oil prices.

The Chinese authorities registered an outbreak of the novel coronavirus 2019-nCoV in the city of Wuhan at the end of December 2019. The World Health Organization has declared the coronavirus outbreak a public health emergency of international concern. Coronavirus cases were confirmed in 52 other countries and territories, including in Russia. According to the latest data, 2,788 people have died in China, around 36,100 have recovered, while the overall number of people who contracted the novel coronavirus has exceeded 78,800.

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