MOSCOW: Deficit of the Russian federal budget is expected to be 3.7% of GDP this year, Finance Minister Anton Siluanov said on Thursday in an interview with Rossiya 24 TV Channel. Budget revenues from privatization of government assets will make possible to reduce and optimize spending of government reserves, the Minister said.
“Revenues from privatization and budget financing sources we will receive gave us an opportunity in conditions of fairly high budget deficit this year – 3.7% of GDP – to reduce and optimize spending of government reserves and minimize borrowing on the financial market,” Siluanov said. At the same time, budget revenues from sales of government assets will amount to 1.1 trillion rubles ($17.4 bln) this year, Siluanov said.
“Total earnings and revenues the budget will receive from sale of government assets will be about 1.1 trillion rubles ($17.4 bln). No such huge receipts where in recent dozens of years,” the Minister said. Russia’s consolidated budget deficit rose 1.7 times in January – October 2016 to 1 trillion rubles ($15.8 bln), the Federal Treasury said earlier on Wednesday.
