In 2016 the Federal budget of Russia can receive 1.8 trillion rubles of income. In this case, the Reserve Fund will be exhausted this year. This is stated in the study of the HSE Comments about the state and business”, sent in edition”.<url>.
“Assuming that the annual plan for non-oil and gas revenues of the Federal budget will be executed, and oil and gas revenues in the second half of the year will be approximately equal to revenues in the first half, at the end of the year the Federal budget will not receive 1.8 trillion rubles”, — stated there.
This volume shortfall in income will lead to a depletion of the Reserve Fund and for covering the budget deficit will have to use the national welfare Fund.
“The sharp decline in Federal budget revenues for the first half of 2016 was caused mainly by falling oil prices. The shortfall in oil revenues, may require a more substantial sequestration costs than the previously planned 500 billion rubles,” — noted the analysts of the HSE.
July 30, first Deputy Finance Minister Tatyana Nesterenko said that the current stability in the Russian economy was achieved only at the expense of reserves. Unchanged by the end of 2017, they will be depleted, and the government will not be able to pay wages, said Deputy Finance Minister.
Finance Minister Anton Siluanov on 7 July said that the deficit Federal budget in 2017 will amount to 3.2 percent of GDP.
July 5, Reuters with reference to the materials of the Ministry of Finance reported that Russia’s Reserve Fund will be exhausted in 2017.
