Wednesday, June 1, 2011

Russia's budget deficit this year will be no more than 6%

Russian federal budget deficit this year will be at the level of 5,1% of GDP. The previous forecast - 6.8% of GDP . said today the deputy head of the Ministry of Finance (MOF), Tatyana Nesterenko said. "One of the options - is to reduce the deficit to 5,1% if not taken additional expenditure commitments," - she pointed out. According to her, budget expenditures do not grow but only clarifies on commitments already made. "There may be increased appropriations only for the Pension Fund", - believes Nesterenko. At the same time increasing revenue through changes in macroeconomic parameters. First of all, we are talking about high oil prices. She recalled that in Overall, revenue for the budget down because of the decision by Belarus (tax-free delivery of 6,3 million tons) and Ukraine (zeroing of export duties on gas). In addition, zeroed duty on crude oil from fields in Eastern Siberia. But even this, the change in income is still positive, Nesterenko said. "If we assume that the costs are not revised, but only clarified in the forecast, and it costs - the Pension Fund deficit and foreign exchange (exchange rate) difference. So, if we are not reviewing the parameters, in principle, the forecast leads to a decrease in deficit, "- said Nesterenko. In January-April deficit of the federal budget amounted to 3,4% of GDP in April - 5,7% of GDP.

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