Russia to have budget deficit at 0.07% of GDP in 2012 - Siluanov
MOSCOW. Oct 23 (Interfax) - The Russian federal budget will be practically balanced this year, with a deficit of merely 0.07% of GDP, Finance Minister Anton Siluanov told reporters following a meeting with Prime Minister Dmitry Medvedev, where amendments to this year's budget were discussed.
"The amendments, given additional revenues and additional proposals on spending, will lead to an overall deficit of 0.07% of GDP, or it can be considered practically balanced," he said.
The Finance Ministry and other agencies involved have worked up proposals for amendments to this year's budget in line with the updating of the macroeconomic forecast and proposals from ministries and agencies for the redistribution of funds with in the budget according to how the economy is shaping up, Siluanov said.
"The total amount of budget expenditures suggested for redistribution is 322 billion rubles, of which 235 billion were received from additional budget revenues, mainly such resources as Central Bank profits from the sale of Sberbank of Russia sales in the amount of 149 billion rubles, additional revenues Russia will receive from Rosneftegaz dividends - around 50 billion rubles - and some of the other revenues," he said.
These monies are particularly planned to be used in the support of infrastructure projects and the investment development of the Russian Federation, Siluanov said.
In particular, all funds proceeding from the sale of Sberbank and Rosneftegaz dividends will go to the development of infrastructural projects. "We are not creating current obligations, all the received funds from the sale of our assets will be directed to development," the finance minister said.
"I'd like to not that 62 billion rubles are slated to go to replenishing the Russian Direct Investment Fund, around 25 billion rubles of those going to the RDIF will be invested in regions in the Far East," Siluanov said.
In addition, 6 billion rubles will be directed to the support of regions hard-hit by drought this year. Another 9.5 billion will be used as grants to regions for balancing out their budgets.
The plan is for another 25 billion rubles to go to the development of the Moscow transport hub - to the building of roadways and to supporting the development off railway connections.