Minister sees Russia’s 2017 budget deficit at 2.1% of GDP

MOSCOW, Sep 8 (PRIME) -- Russia’s budget deficit will amount to 2.1% of gross domestic product (GDP) in 2017, Finance Minister Anton Siluanov told reporters on Friday.

“This year we expect deficit of our budget at about 2% of GDP, which is lower than we’ve planned previously…It will be slightly higher, at 2.1%,” he said.

He said that budget deficit will amount to 1.4% of GDP in 2018 and “in the following years it will be equal to the level of spending on debt servicing of about 0.8–0.9% of GDP, as our budget rule demands.”

He also said that the ministry is still working on restructuring Venezuela’s debt to Russia. “There was a request from our Venezuelan colleagues to carry out this restructuring as they have problems with servicing the debt,” Siluanov said.

“We are carrying the work in the Paris Club framework on the one hand, and hold direct bilateral contacts on the other hand trying to work out the mechanism of debt restructuring.”

He said he is sure that the countries will find a mutually acceptable solution.

(57.1411 rubles – U.S. $1)

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