Russian econ min says orders no extraordinary steps in 2017 budget

VLADIVOSTOK, Sep 5 (PRIME) -- The Russian budget will be compiled for 2017–2019 and no special anti-crisis measures will be adopted for 2017, Economic Development Minister Alexei Ulyukayev told reporters on the sidelines of the Eastern Economic Forum in Vladivostok on September 3.

“It seems to me that there will be no need in that, since we are about to reach positive growth,” Ulyukayev said. “It is triannual, for sure by now.”

The minister said that the new budget will be based on estimates including a U.S. $40 per barrel oil price on average in the three years. The budget will be built upon the most conservative scenario, there will also be two more optimistic plans, he said. “The basic scenario is the conservative one. It cannot be more conservative. We will use the basic one of $40, $40, $40 to calculate the budgets. Which is, I think, unrealistic but quite conservative.”

The minister said that his ministry will submit an adjusted macroeconomic forecast to the government on September 17–18.

As regards pensions, the minister said that he is unaware if a decision to freeze pension savings for three years has been made. The government is not discussing abolishment of pensions for working elderly people, he said.

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