Ministry of Finance of the Russian Federation
Ministry of Finance of the Russian Federation
17.10.2011

Statements of Acting Finance Minister of the Russian Federation A. Siluanov at G20 Finance and Central Bank Deputies' Meeting&G20 Finance Ministers and Central Bank Governors' Meeting

 

Finance Ministry thinks Russia will end 2011 with spending-revenue balance

 PARIS. Oct 15 (Interfax) - The Russian Finance Ministry expects Russia's state expenditures for the fourth quarter of 2011 to be larger than its state revenues for these three months but believes the expenditures and revenues for the year as a whole will be equivalent, acting Finance Minister Anton Siluanov said.

"We expect that the remainders that have accumulated will be spent. There will be a deficit for the fourth quarter, but on the whole we expect a balanced budget for this year, in other words a budget with a zero deficit," Siluanov told reporters.

He said that usually December's spending is double the monthly average. This December the state will channel 1.8 trillion rubles into the economy whereas average per month spending is about 1 trillion.

In comments on next year's state expenditures and revenues, Siluanov said: "If the oil price is $117 per barrel, there will be a zero [budget] deficit, and if the price is $100 per barrel there will be a deficit of 1.5% of GDP, as the 2012 draft budget projects at the moment. If the price is $93 per barrel, there will be a deficit of 2.5% of GDP, [in which case] the reserve fund will not enlarge."

 

Finance Ministry sticking with balanced-budget forecast for 2011 - Siluanov

PARIS. Oct 17 (Interfax) - The Russian Finance Ministry expects a budget deficit in the fourth quarter of this year, but still predicts a zero deficit for this year as a whole, acting Finance Minister Anton Siluanov has told reporters.

"We expect that the remnants accumulated will be spent. There will be a deficit in the fourth quarter, but we generally expect a balanced budget for this year, that is, a zero deficit," Siluanov said.

The volume of spending in December usually is double the average monthly figure, the acting finance minister said. There will be 1.8 trillion rubles put into the economy in December, where average monthly expenditures amount to about 1 trillion rubles, he said.

As to next year's budget, Siluanov said it will be balanced with oil costing $117 per barrel.

"With oil at $117 per barrel the deficit will be zero, if it is at $100 per barrel the deficit will be 1.5% of GDP, as we have figured in the draft budget for 2012 now. If it is 93% per barrel, the deficit will be 2.5% of GDP, but the Reserve Fund will not accumulate," Siluanov said.

Russia opposes tax on financial operations - Siluanov.

PARIS, October 16 (Itar-Tass) — Russia opposes a tax on financial operations, Acting Finance Minister Anton Siluanov said on Saturday.

“It was pleasant to hear that Russia’s position opposing any taxes on financial operations is supported by most delegations speaking here,” he said.

Siluanov took part in the G20 ministerial meeting in Paris that was aimed at developing a plan of action for the G20 summit in Cannes, southern France, on November 3-4.

The minister noted that the issue will probably be raised at the G20 summit in Cannes, but will not be included in the summit agenda.

 

Russia’s debt situation looks better than in other countries - min.

PARIS, October 16 (Itar-Tass) — Russia’s debt situation looks notably better than in other countries, Acting Finance Minister Anton Siluanov said on Saturday taking part in the G20 ministerial meeting.

“Russia’s state debt makes up 11 percent of the GDP, while in other countries it exceeds 60 percent and even 100 percent. Our situation looks notably better,” he said.

He noted that Russia may provide support to countries facing financial difficulties. In the shortest possible timeframe the State Duma will consider amendments to the budget envisioning financial support for Cyprus.

“The support will be provided in volumes sufficient for resolving that country’s problems,” Siluanov said.

At the same time the finance minister underlined that Russia was ready to cooperate with the International Monetary Fund within the framework of bilateral agreements on terms defined by Russia and interested countries.