the Ministry of Finance of the Russian Federation predicts a significant shortfall in non-oil revenues to the budget in 2020 and may 2021, and plans to cover them due to the increase in loans. This was stated today to journalists by the Minister of Finance Anton Siluanov.
According to him, this year will be increased “borrowing”, also “it is necessary to direct additional resources to anti-crisis measures”, according to PRIME.
Earlier today, Deputy Finance Minister Alexei Moiseev said at the forum of RSPP that the Finance Ministry is embarking on a “massive increase in government spending to Finance anti-crisis” and this “will lead to a significant increase of OFZ (Federal loan bonds — ed.)”, notes TASS.
we also Recall, during today’s Cabinet meeting, the President reported that “last year there was a budget surplus of about 2 trillion rubles.” “And it allowed us to generate large amounts of the national wealth Fund, which this year is used to offset a shortfall in oil and gas revenues. On may 1 this year given the resources that we allocated last year in the national welfare Fund, this Fund amounted to 12.4 trillion roubles, or almost 11% of GDP. This budget policy has enabled us this year to have a margin of safety, pointing to the decline in revenues that we are seeing today,” — said the head of Treasury.
let’s Add that the Russian economy in February—March 2020 was under the powerful impact of two negative factors — the rapid spread of the pandemic coronavirus infection COVID-19 and its deleterious effect on the global economy and collapse in oil prices. Against this background, the rouble significantly depreciated against the dollar and the Euro. Reacting to the situation, the government and the Bank of Russia adopted several packages of measures to support the economy and citizens.
Also 21 APR pthe government of the Russian Federation said that the value adopted by the Cabinet of Ministers of measures to support the economy already amounted to 2.1 trillion rubles. Prior to that, head of the Ministry of Finance of the Russian Federation Anton Siluanov said that the budget measures for combating coronavirus and its implications in Russia is about 2.8% of GDP. In General, the total volume of fiscal support to individuals and business of all sectors in the context of pandemic coronavirus, the Ministry of Finance was estimated at 6.5% of GDP.
may 11, Russian President Vladimir Putin announced the end of may 12, a single period of days off, entered March 30, in the fight against COVID-19. He also announced the beginning of implementation of the third package of anti-crisis measures, under which the state, in particular, will increase targeted support for families with children, small businesses, individual entrepreneurs and self-employed. In addition, Putin instructed the government to prepare a national plan for long-term development of the economy, the recovery in employment and incomes.
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