Support The Moscow Times!

Larger Deficit Seen

The Finance Ministry might increase its federal budget deficit forecast for 2014 by 650 billion rubles ($20.8 billion) due to lower budget revenues, Finance Minister Anton Siluanov said Wednesday, Interfax reported.

"The forecast for 2014-2016 indicates lower budget revenues, because economic growth and the volume of imports are being revised downward, while the ruble's exchange rate is stronger than in the initial forecast," Siluanov said.

The Finance Ministry will present its new budget plan for 2014-2016 in June.

Siluanov also said he did not expect rating agencies to revise Russia's sovereign rating.

First, meetings will be held between the agencies and ministry officials, then it will become clear if changes may follow, he said.

Deputy Finance Minister Sergei Storchak said earlier that representatives of one of the world's three leading rating agencies had arrived in Russia for consultations.

(MT)

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.