Siluanov called the size of the budget deficit when the cost of oil below $40


Moscow. April 12. The budget deficit in 2016 if the price of oil below $40 per barrel could reach up to four percent of GDP, said Finance Minister Anton Siluanov on the Exchange forum on Tuesday.

According to him, by the end of 2015, the deficit amounted to 2.4%, “this year worse than expected”.

The challenge is to keep the budget deficit at three percent of GDP at an oil price of $40. “If the price is lower, up to four percent, not five,” said the Minister.

Siluanov also said that the sterilization of oil revenues for new budget rule will constrain strengthening of rouble in case of change of the conjuncture of commodity markets.

“We in honor of the birthday (today is to the Minister for his 53 years, what the participants of the Exchange forum reminded the moderator Alexei Kudrin) has prepared a gift – a new variant of the fiscal rule. To take all the additional revenue that we should receive, if there will be high oil prices, the reserve funds”, – said Siluanov. He did not name parameters the trim, but earlier we said that the Finance Ministry proposes to withdraw the income when it is above $50 per barrel.

“On the one hand, it will not allow the strengthening of the rouble, will not allow the impact of changes in oil prices in a negative way from the point of view of economic growth, inflation, interest rates. This growth of price of raw we obviously do not need,” – said the Minister of Finance.