UPDATE: Russia’s fed budget deficit at 0.5% of GDP in 2013–fin min

(Adds details in last three paragraphs)

MOSCOW, Jan 15 (PRIME) -- Russia’s federal budget deficit amounted to 0.5% of the gross domestic product (GDP) in 2013 against 0.8% earlier planned, Finance Minister Anton Siluanov said Wednesday.

“Last year’s results are not bad in general, as we have fulfilled all our plans, and even budget revenue was higher than we had planned,” Siluanov said.

The combined deficit of regional budgets amounted to 700 billion rubles in 2013, he also said. “They have more than doubled deficits last year. The deficit totaled around 700 billion rubles. It is worrying,” he said.

The regions managed to cover their deficits with previously accumulated financial stock, but they will have no safety cushions for this year unlike the federal budget, which has the Reserve Fund, Siluanov said.

“We have to revise our priorities and expand regions’ rights to manage their spending,” he said.

(33.2386 rubles – U.S. $1)

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