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Siluanov: Russia's budget in 2020 will be scarce

Siluanov: Russia's budget in 2020 will be scarce
Photo by: kremlin.ru

The head of the Ministry of Finance of Russia Anton Siluanov said that the federal budget this year will be in short supply. The Minister admitted that the situation in the economy is not developing in the best way, which is why there is a deviation from previously formed macroeconomic forecasts.

At an enlarged meeting of the board of the Federal Treasury, Siluanov said that only the oil factor at current prices reduces the volume of oil and gas revenues by almost three trillion rubles compared with the planned values. Federal authorities intend to raise funds from the National Wealth Fund.

As the RBCAccording to the minister, the spread of the coronavirus COVID-19 has become a more serious risk factor for the Russian economy than a drop in world oil prices. Difficulties arose in the travel industry or airlines after border closures and flights, and small businesses and other sectors of the economy fell into a difficult situation.

In early March, the Ministry of Economic Development announced that they would present new forecast socio-economic development of Russia for 2020-2022, taking into account the situation with the coronavirus. The first version, which was prepared in mid-January, does not take into account external factors that have fully manifested themselves only now. At the same time, the Ministry of Finance stated that the Russian budget protected against vibrations, his expenses will be financed, even if the cost of a barrel drops to $ 30.

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