The Ministry of Finance: the Reserve Fund will not be able to compensate for the budget deficit-2017

The Ministry of Finance: the Reserve Fund will not be able to compensate for the budget deficit-2017


The amount of reserves in 2016 will be reduced by approximately 2.6 trillion rubles, said the head of the Ministry of Finance of the Russian Federation Anton Siluanov. He noted that the necessary adjustments to new macroeconomic realities.

MOSCOW, 27 Jan. Russia after 2016 will not be able to actively use the Reserve Fund to Finance the budget deficit, said the head of the Ministry of Finance Anton Siluanov, speaking at the parliamentary hearings in the Federation Council.

“The budget is the main tool of economic policy. We are talking about the need for it to adapt to new macroeconomic realities. I would like to note that this year the volume of budget revenues is expected to be 1.3 trillion rubles lower than last year, while total expenditures will increase by 11%. As a result, the deficit this year will amount to 3% of GDP,” the Minister said.

He noted that the reserves this year will be reduced by approximately 2.6 trillion rubles — more than half.

“All this means that 2016 is the year that we will be able last year to spend our reserves, our reserves. And then we have these resources will not, therefore, the question of the budget consolidation is on the agenda as the number one goal”, — said Siluanov.