Siluanov said the budget deficit of Russia in 2015 at 2.9-3% of GDP

Moscow. December 4. The budget deficit of the Russian Federation by the end of 2015 will amount to 2.9-3% of the GDP, said Finance Minister Anton Siluanov on air of TV channel “Russia 24”, commenting on the decision of Agency Moody’s changed the Outlook on the rating on government bonds of the Russian Federation to stable from negative.

“Indeed, Moody’s expected the risks of high inflation, slowing economic growth, greater volatility of exchange rate policy in General and monetary policy. However, the measures taken by the government of the Russian Federation and the Central Bank this year, has allowed these doubts to allay, to mitigate. We see inflation declining over the last two quarters they are in the range of 1-2% per quarter. We see that we managed to stabilize the budget, this year the budget deficit will be 2.9 to 3% of GDP,” he said.

“We see that this year has slowed down the pace of capital outflows is approximately two times lower than last year. And negative forecasts on the basis of which Moody’s took the decision to reduce the rating, are not met. This was done through fiscal policy. We had to reject a number of expenses, we had to reduce the rate of indexation of individual positions, including socially significant articles. And next year we will index pensions and allowances is somewhat lower than required by law. Thus, we stabilized the overall situation on the financial market, macroeconomic situation,” said Siluanov.

He said that Russia is important for the assessment of external experts, as it reflects the confidence of foreign investors in the Russian Federation. According to the Minister, now securities of the Russian Federation are in high demand not only by Russian but also foreign investors.

“This is an assessment of those measures that the government and Central Bank have implemented in the current year”, – said the Minister.

He stated that the goal for 2016 is to prepare for possible risks that may be expected in the course of budget execution, and prior to the beginning of the financial year to develop a plan of action in order to keep the balanced budget deficit 3% of GDP.