a budget deficit of almost $25 billion in January, in part due to falling oil and gas revenues, the lifeblood of Russia's economy. That led analysts to forecast a budget deficit as wide as 5.5 trillion roubles , equivalent to 3.8% of GDP, unless prices for Russian oil recover.
"The main thing is to look at the budget balance, which will be formed at the end of the year," Finance Minister Anton Siluanov said in an interview broadcast on Rossiya 24 on Friday. "And for the end of the year, our plan is 2% of GDP, no one has cancelled it, and these parameters will be maintained."
It was a clear signal that Moscow intends to keep fiscal spending in check. A deficit larger than planned would require a mix of higher foreign currency sales, lower spending, more borrowing or tax rises.
😂😆😆
Curious to compare. What is the US budget deficit as a %?
There will always be buyers for oil, also, they’re about to claim Ukraine as a prize.
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