Support The Moscow Times!

Deficit Estimate Lowered

WASHINGTON — Russia may see a budget deficit of 0.3 percent or less of gross domestic product this year thanks to high oil prices, Finance Minister Anton Siluanov said Saturday.

"We estimate that the budget deficit will be reduced this year from [an earlier forecast of] 1.5 percent of gross domestic product to 0.3 percent," Siluanov said on the sidelines of the International Monetary Fund/World Bank meeting. "What is important is that we are not going to spend any of the oil revenue," he said.

As of 2016, the country will implement a policy of using revenue generated from oil prices above $90 a barrel for the Reserve Fund or to pay off domestic debt, Siluanov said.

(Reuters)

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more