Siluanov: the reserve Fund and national welfare Fund can be “eaten up” in 2016

Siluanov: the reserve Fund and national welfare Fund can be “eaten up” in 2016

VLADIVOSTOK, January 16. Reserve Fund and reinvestirovanie means the national welfare Fund can be spent in 2016, if we abandon the fiscal optimization. This forecast was voiced by Minister of Finance Anton Siluanov in the “Vesti on Saturday with Sergei Brilev”.

For the current year can “eat” provisions, unless we take other measures. The reserve Fund and the portion of the national welfare Fund, which is invested in infrastructure projects,

Anton Siluanov

The Russian budget will not receive more than 3 trillion rubles

The Russian budget will receive less in 2016 more than 3 trillion rubles of income when average annual oil prices at $25 per barrel, the Finance Minister predicts the Russian Federation.

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“The budget assumes $50 a barrel. Therefore, when the difference in two times ($25 per barrel), I want to say that for the income this difference of approximately 3 plus trillion rubles. If we imagine that the budget for expenditure of about 16 trillion rubles, the reduction of revenues of 3 trillion – this is serious,” he said.

Now the government is correcting macroeconomic forecast for the current year on the basis of which are calculated the parameters of the budget. Budget-2016 assumes prices of $50 per barrel, however, it is expected that the Ministry of economic development may reduce the benchmark to $40 per barrel. Stress scenario the Central Bank of the Russian Federation proceeds from the $35 per barrel.

The reduction of budget expenditures by 10% will save 512 billion rubles

The reduction of budget expenditures by 10% in 2016 will save 512 billion rubles, said Minister of Finance Anton Siluanov. The Minister stressed that the reduction will not affect social obligations.

“Reduction of 10% with the exception of the so-called protected articles will provide an opportunity to transfer funds or to save on the amount of 500 billion rubles, 512 to be exact”, he said.

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According to Siluanov, the Finance Ministry set before ministries and departments with the task of reducing costs by 10% if they do not, the Ministry of Finance by the same amount sequestered budget.

“We just went by a different mechanism than it was last year. We told the ministries and agencies, here’s your challenge. They can some programs don’t reduce, not to touch, some can be deferred to a later time or even close. If any of the authorities, our colleagues will not be present (proposals to reduce costs – approx.), then we really will be 10% withdraw limits. And it will already be evenly on all positions equally. So here, unfortunately, will not happen,” he said.

This Siluanov stressed that the social obligations are fulfilled in full.

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“We will not accept the reduction of those expenditures, which we defined as costs, which in any case must be carried out. The first is social obligation. I want to say that all social obligations this year will be finished, definitely”, he noted.

Budget 2016 based on the estimation of prices for the Urals oil at $50/bbl, so far the oil price this brand fell below $27/bbl. Budget revenues are assumed at $ 13,738 trillion (17.5 percent of GDP), expenses – up to 16,099 trillion rubles (20.5% of GDP). The budget deficit will reach 2.36 trillion, or 3% of GDP.

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