Anti-crisis measures require funds from the budget more than it saves 10% cost reduction

Anti-crisis measures require funds from the budget more than it saves 10% cost reduction


MOSCOW, 6 February. Four anti-crisis measures require budget funds more than saving 10% nedovedeniya limits on the expenditure side. About this to journalists on the sidelines of the Congress of the party “United Russia” announced the Minister of Finance of the Russian Federation Anton Siluanov.

“Due to the fact that the wage Fund falls below our estimate, about 200 billion we have to give the Pension Fund. It is on the balance because revenues decline FIU. It is a crisis or not? What’s it called? I don’t know. This is our binding decision”, – said the Minister.

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Also, according to him, doindeksatsii budget expenditures related to the exchange rate, you will need 40 to 100 billion rubles – this is the second measure. “The capitalization of VEB – three, will not amount to say. They have already decided to support the industry on 69 billion roubles – four. Now the amount of additional allocations that exceed the 10 percent reduction,” – said Siluanov.

Previously Siluanov said that the reduction of budget expenditures by 10%, with the exception of the so-called protected items, will give you the opportunity to save some 512 billion rubles. The ministries and agencies receiving appropriations in 2016, will determine the priorities for these allocations and will make decisions about choosing a major most effective spending and trim inefficient spending.

The Minister of economic development of Russia Alexei Ulyukayev also said that the plan to support the economy will consist of two blocks. The first block provides the dynamic response to the changing situation, which creates problems for certain sectors of the economy such as automotive, railway engineering, light industry and so on. Under each of the measures will be determined by the specific financial source.

The second block is a set of regulatory, structural measures that do not require funding this year, but a decision on which will create a favorable environment for sustained economic growth in the medium term. Most of the measures in this block will be implemented in the medium term – about three years.

Unlike anti-crisis plan of the government in 2015, the plan to support the economy will mainly consist of financial investments in banks and enterprises, and measures to stimulate economic growth over the long term. In particular, the government’s plan will include measures to support small and medium businesses, whose share in GDP is expected to grow twice by 2030. Most of the measures of the plan does not provide for additional budget expenditures. The need for a plan was due to the downturn in the economy due to a sharp fall in oil prices.

The Ministry of Finance retains target 3% budget deficit

He also noted that the Ministry of Finance retains target 3% budget deficit with oil at $40 per barrel in 2016.

“We need to look at fiscal sustainability. We aim to have a 3 percent budget deficit this year when the price of oil to $40 per barrel,” he said.

Budget 2016 based on the estimation from the price of Urals crude oil at $50 per barrel, so far the oil price this brand fell below $35. 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 roubles or 3% of GDP.

Siluanov on January 13 said that if the current oil prices and in the absence of the government’s response, the deficit may grow twice. At that time, the price of Brent crude oil was at its minimum is below $28 per barrel.

According to the Minister, the reduction of budget expenditures by 10%, with the exception of the so-called protected items, will give you the opportunity to save some 512 billion rubles. The ministries and agencies receiving appropriations through 2016 will determine the priorities for these allocations and will make decisions about choosing a major most effective spending and trim inefficient spending.

The increase in excise duties on petrol

Anton Siluanov said that the Finance Ministry proposes to increase the excise duty from April 1 on $ 2 gasoline and 1 ruble for diesel fuel.

However, he stressed that the increase in gasoline prices should occur.

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“Yes, April 1. There are diesel and gasoline. $ 2 gasoline, 1 ruble – diesel fuel. This should not lead to higher prices. The ruble price of oil decreases, the wholesale price of gasoline is determined by the netback method, respectively, and the price of gasoline should be reduced. Therefore, we believe that motorists should not feel that change,” he said.

According to the Minister, the increase in excise duties on gasoline and diesel fuel from 1 April will give budget to 80 billion rubles.

From 1 January the rate of gasoline Euro-5 increased by 2% 7,53 cents per liter and for diesel fuel – to 4.15 cents per liter. Last time twice in one year, the excise tax was raised in 2013.

Assessment of Rosstat, in 2015, inflation in Russia amounted to 12.9%, gasoline prices rose 4.8%.