Russian Finance Minister Urges Cut to Russia's Non-Energy Budget Deficit
Wednesday, 21 May 2014 12:40
Russian Finance Minister Urges Cut to Russia's Non-Energy Budget Deficit

MOSCOW, May 21 (RIA Novosti) – Russia must reduce the share of oil and gas state revenues and gradually cut oil prices, which could provide for a balanced budget, Russian Finance Minister Anton Siluanov said Wednesday.

The Russian Finance Ministry has called for decreasing the non-energy budget deficit, or deficit which excludes revenues from its key oil and gas exports, to 5 percent of GDP from the current 10 percent of GDP.

“We need to step by step decrease the oil price which would ensure a balanced budget. We need to increase non-oil and gas revenues and decrease the share of oil and gas revenues, in other words reduce the non-oil and gas deficit,” Siluanov told a government meeting.

Last year, the Russian budget balanced at a cost of $114 per barrel of oil, with prices averaging around $108 per barrel. “Therefore, we cannot further hold this cost of equilibrium,” the minister said.

Russian Prime Minister Dmitry Medvedev said Wednesday he plans to hold a government session to discuss the dependence of the Russian economy on oil and gas revenues. “We have agreed to discuss the issue of how our oil and gas revenues and non-oil and gas revenues correlate and to what extent this correlation has a key meaning for the economic development.”

2017The Mozhaisk St. Nicholas Cathedral: From Prokudin-Gorsky to the present

Mozhaisk. Cathedral of St. Nicholas, south facade. August 21, 2012. / Photo: William BrumfieldAt the beginning of the 20th century, Russian chemist and photographer Sergei Prokudin-Gorsky invented a complex process for vivid, detailed color photograp [ ... ]


2015Russian Defense Ministry dismisses German article about Russian bombs 'To Berlin!' as nonsense or compilation

The Russian Defense Ministry has dismissed as nonsense a report in the German press that bombs with the inscription "To Berlin!" were attached to aircraft during a Russian Air Force exercise."This is simply nonsense or a photo compilation or a wish t [ ... ]


2013A plea for caution from Russia | Vladimir Putin

What Vladimir Putin has to say to Americans about Syria
• This article was first published in the New York TimesRecent events surrounding Syria have prompted me to speak directly to the American people and their political leaders. It is important  [ ... ]


source: http://en.ria.ru/russia/20140521/190007307/Russian-Finance-Minister-Urges-Cut-to-Russias-Non-Energy-Budget.html

source: http://www.rusbg.com/en/russian-finance-minister-urges-cut-to-russia-s-non-energy-budget-deficit.html

 

Classified Ads

Classified Ads