MOSCOW: Russia’s additional budget expenditure, including support to ailing state development bank Vnesheconombank (VEB), will amount to approximately 600 billion roubles this year, Russian Finance Minister Anton Siluanov said on Saturday.
Siluanov said that at oil prices of $30 per barrel, the state would receive 2-2.5 trillion roubles ($25.80-$32.25 billion) less revenue than planned in 2016 and the budget deficit would exceed 3 percent of GDP.
Russia could draw on its reserve fund to cover the shortfall but this was a possibility the government will try to avoid, he added.
Copyright Reuters, 2016
Courtesy : BRecorder