Within the framework of the Moscow Financial Forum, a press conference of the First Deputy Prime Minister of the Russian Federation – the Minister of Finance Anton Siluanov was held. Anton Siluanov answered questions of journalists on a wide range of issues, including the annual budget, the rouble exchange rate, access to foreign markets and anti-Russian sanctions.

According to Anton Siluanov, the structure of the state budget expenditures has been changed:

"We have forwarded most part [of the budget] for development, infrastructure. The budget policy, which ensures economic stability, will be preserved in the coming years," the Minister stressed.

According to Anton Siluanov, a budget surplus of 1.8% of the GDP is planned next year with a slight decrease in the future due to a change in the forecast for oil prices and a decrease in oil and gas revenues. The Ministry of Finance also plans to start forming facilities of the National Welfare Fund to exceed the 7% level of the GDP, already in 2019, that allows investing its money in the economy.

"In our opinion, the budget will be better than in previous years, as it will be more structured, balanced, and aimed at the tasks of economic growth and the growth of citizens' welfare," he stressed.

The First Deputy Prime Minister also specified that in case of imposing sanctions on the state debt, the state will be focused on domestic investors.

"We will use first of all rouble borrowings, further develop the financial market, use the liquidity balances currently available in the Treasury, they will allow us to finance the deficit in the following years," he noted.

We would like to recall that, according to the Executive Order signed by the President in May this year, the Ministry of Finance should, as a priority, ensure forwarding additional revenues of the federal budget to the implementation of national projects.
Share