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PM Medvedev to determine financial system goals for 2018 at Finance Ministry meeting

The Ministry of Finance earlier said that the deficit of the Russian federal budget for 2017, according to preliminary estimates, decreased 3.9-fold in comparison with 2016

MOSCOW, March 27. /TASS/. Prime Minister Dmitry Medvedev will attend an expanded meeting of the board of the Russian Ministry of Finance. According to the government’s press service, the meeting attendees will discuss the main results of the Ministry's activities in 2017 and the goals of the Russian financial system for 2018.

First Deputy Prime Minister Igor Shuvalov, Finance Minister Anton Siluanov, Governor of the Central Bank Elvira Nabiullina, Chairperson of the Accounting Chamber Tatyana Golikova will attend the meeting.

The Ministry of Finance earlier said that the deficit of the Russian federal budget for 2017, according to preliminary estimates, decreased 3.9-fold in comparison with 2016 - to 1.336 trillion rubles ($23.35 bln), which is 1.4% of GDP. At the same time, initially the budget for 2017 included a deficit of 2.5% of GDP, later it was adjusted to 2.2% of GDP.

The budget for 2018 is planned with a deficit of 1.3% of GDP. However, as noted by Finance Minister Anton Siluanov, the budget for the year might have a surplus - about 2% of GDP if the current situation remains, which will attract additional oil and gas revenues of 3% of GDP.

According to the Economic Development Ministry's survey, Russia's budget surplus in 2018 may amount to 1% of GDP. The last time the federal budget had surplus in 2011.

Governor of the Central Bank Elvira Nabiullina last week said that the Central Bank also expects a surplus budget, but sees risks of increasing costs after the formation of a new government. At the same time, according to the Central Bank, inflationary risks from the budgetary policy due to a possible revision of the budget projections of the Finance Ministry against improving macroeconomic forecast are limited, since the budget rule limits growth of expenses at the federal level.

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Dmitry Medvedev Anton Siluanov Igor Shuvalov

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