UPDATE: Fin ministry suggests cutting 2017 budget deficit by 829 bln rbl

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MOSCOW, May 17 (PRIME) -- The Finance Ministry has suggested cutting deficit of Russia’s 2017 budget by 30.1%, or by 829.432 billion rubles to 1.924 trillion rubles, as seen by PRIME on Wednesday in the ministry’s draft amendments to the budget.

The amendments also include an 8.5% revenue increase or a hike by 1.144 trillion rubles to 14.632 trillion rubles, and spending growth by 1.9%, or by 314.947 billion rubles to 16.556 trillion rubles.

The ministry plans to cut spending from the Reserve Fund to 1.061 trillion rubles from 1.15 trillion rubles, and spending from the National Wealth Fund may be reduced to 663.5 billion rubles from 668.2 billion rubles.

The ministry has kept its plans to raise up to U.S. $7 billion at external debt markets in 2017 with maturity of borrowing standing at up to 30 years. Previously, the ministry said it planned to offer $3 billion worth of new Eurobonds this year and to swap $4 billion worth of the securities in circulation for new issues.

The amendments also include a hike in spending on national security by 25.3 billion rubles from 1.272 trillion rubles currently envisaged for the year. But spending on national defense may be cut by 92.9 billion rubles from 1.021 trillion rubles.

(56.2603 rubles – U.S. $1)

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