Siluanov: the budget has reached its maximum resistance to swings in oil prices

© RIA Novosti / Alexei Danceparty in fotomancer Finance of the Russian Federation Anton Siluanov. Archival photoSiluanov: the budget has reached its maximum resistance to swings in oil prices© RIA Novosti / Alexei Danceparty the image Bank

The budget of the Russian Federation in 2017 has reached the maximum for the last nine years of resistance to changes in oil prices, said Finance Minister Anton Siluanov, introducing in the state Duma in the first reading the draft amendments to the law on the Federal budget for the current year.

«We see that declining non-oil budget deficit, which is calculated excluding revenues from oil and gas. It speaks about stability of our budget to various changes in the external market», — said Siluanov.

This figure, according to him, will decrease by 0.6 percentage points and will be 8.4% of GDP. «This is the lowest figure for the last nine years,» said Siluanov.

«Our goal is to reduce the influence of the external environment on the execution of our budget. This rate non-oil deficit, we think, safe to budget should reach 5-6% of GDP,» the Minister said.

The overall deficit of the budget of the Russian Federation in the draft of the revised Russian budget for the current year is incorporated in the amount of 2.1% of GDP. This figure is also reduced: Siluanov recalled that when forming the budget at the end of last year, the Finance Ministry had forecast a deficit of 3.2% of GDP.

Siluanov: the budget has reached its maximum resistance to swings in oil pricesGo to photobacteria oil revenues and other revenues

Source