Sep 16, 2020
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Finance Minister announced plans to reduce budget deficit

The Ministry of Finance plans to reduce the budget deficit in 2021 to 2.4% of GDP, said the head of the department Anton Siluanov.

In our forecasts, we are gradually reducing the volume of the budget deficit, which will decrease from 4.4% of GDP this year to 2.4% next year, and we will enter the trajectory of about 1% of GDP deficit for the period from 2022 onwards., - quotes RNS words of the minister.

According to him, the department envisages an increase in expenditures in comparison with the pre-crisis plans for the formation of the budget as a percentage of GDP. And by the end of 2020, the authorities expect a budget deficit of 4.4% of GDP.

Earlier, Russian Prime Minister Mikhail Mishustin said that the draft budget for 2021 and the planning period for 2022–2023 were drawn up, taking into account the need to return the country's economy to recovery growth. The draft document fully takes into account the financing of the implementation of national development goals and the fulfillment of obligations in the social sphere.

The depth of the economic recession due to the new type of coronavirus infection (COVID-19) pandemic in the Russian Federation turned out to be less than in other leading countries. In the Russian Federation for the second quarter of 2020, the decline in GDP was 8.5%, in the United States of America - 9.5%, in the eurozone - 15%. The Russian economy has been slowly recovering since June 2020 from the restrictions associated with the pandemic. But business activity is still "coming to its senses" unevenly, wrote.

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