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 Ministry of Finance of the Russian Federation expects decline in budget revenues to 2.6 trillion rubles in 2015: Reserve Fund facilities may be insufficient

The Ministry of Finance of the Russian Federation was authorized to spend up to 500 billion from the Reserve Fund, if necessary, but it may be not enough.

The Russian Federation budget revenues will decline by 2.6 trillion rubles in 2015, Russian Finance Minister Anton Siluanov said in the interview to Russia 24 TV channel, Censor.NET reports citing Liga.

"There will be very difficult budget situation next year," he said. "We expect the income base reduction. The budget was based on the price of oil at $100 per barrel as well as on 1.2 per cent economic growth forecast - all of this turned to be untrue. According to our estimates, the revenues will only fell next year by 2.6 trillion rubles," the Minister said.

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He noted that the parameters of the budget provided large amounts of borrowing in the domestic market. "We have to refuse from it," Siluanov stated.

"We have agreed that all ministries and departments will reduce their budget spending by about 10%, and it is the first step. We will see how the situation will develop in the beginning of the year. I am sure that this is not the last step: we will have to proceed with the costs' reduction and appropriations deferment to a later date," the Minister said.

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Siluanov noted that the rapid use of the Reserve Fund facilities will lead to the consumption of reserves. He said that the lawmakers allowed the Finance Ministry to spend up to 500 billion from the Reserve Fund, if necessary, "but it may be not enough and we will have to spend more."

Источник: https://en.censor.net.ua/n318721
 
 
 
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