Russia freezes budget spending for 3 years
Russia will not increase budget expenditures over the next three years.
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Finance Minister Anton Siluanov announced this today at budget hearings in the Federation Council of the Russian Federation.
“We have not increased expenses for three years. Frozen at 2016 levels. At the same time, all obligations that are of a social nature are preserved. The cost structure worsened, and spending on infrastructure and other purposes had to be cut. The budget is complex, but adequate to the current situation,” Siluanov said.
According to the minister, this year state budget revenues were reduced by 36% compared to 2014. At the same time, expenses increased compared to 2013 by more than 3 trillion rubles. For 2017, the budget deficit is planned at 3%.
“We plan to reduce the deficit in the coming years. By 2019, we will ensure a deficit of 1%, and in 2020 we will reach the maximum expenditure volumes,” Siluanov said.
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