Russia’s state budget deficit forecast for 2012 has been lowered to 0.3 percent of GDP from an earlier estimated 1.5 percent of GDP, and a zero-deficit budget cannot be ruled out, Finance Minister Anton Siluanov said on Sunday.
“If the economic situation in the country remains without change until the end of the year, I do not rule out that we will have a zero-deficit budget, like last year,” the minister told journalists in Washington.
He pointed out that Russia was planning to increase its budget spending by 107 billion rubles ($3.63 billion) in 2012. Part of the money will come from higher budget revenues from sources other than energy exports (these revenues are estimated to rise by 60 billion rubles ($2.03 billion) this year), while the other 47 billion rubles ($1.59 billion) “have been found as a result of funds redirected within the budget,” he said.
“It is important that we are not going to spend a kopek from oil and gas export revenues,” he said, adding “all revenues from energy exports will either go to the reserve fund or be used to reduce the domestic debt.”
Russia’s budget expences and revenues fo 2012-2014