ILYA SOKOLOV: “RUSSIAN BUDGET RETURNS TO A RECORD DEFICIT”
Ilya Sokolov, Leading Researcher of the Gaidar Institute, commented to IA EADaily on the issue of the federal budget growing deficit, reaching RUB 1 trillion at mid-year.
The expert noted: “The Ministry of Finance will first of all increase debt financing in order to balance the federal budget, avoiding using the NWF funds”.
According to Ilya Sokolov, this is about additional attraction of about RUB 2.5-3 trillion depending on the dynamics of the tax base for non-oil and gas revenues. At the same time, the Ministry will conduct moderate budget consolidation, while its parameters have already been announced, that is, the same reduction of "unprotected" expenses, reduction in costs related to the state defense procurement by 5%, refusal to index employees’ salaries, etc. In total, according to Ilya Sokolov, this is will secure RUB 820-850 billion in annual savings in 2021-2023.
According to Ilya Sokolov, this is about additional attraction of about RUB 2.5-3 trillion depending on the dynamics of the tax base for non-oil and gas revenues. At the same time, the Ministry will conduct moderate budget consolidation, while its parameters have already been announced, that is, the same reduction of "unprotected" expenses, reduction in costs related to the state defense procurement by 5%, refusal to index employees’ salaries, etc. In total, according to Ilya Sokolov, this is will secure RUB 820-850 billion in annual savings in 2021-2023.