23 May 2011 18:14

Russian MinFin forecasts 1%-1.4% budget deficit in 2011

GORKI. May 23 (Interfax) - The Russian budget could have a deficit of 1%-1.4% of GDP in 2011, but less if oil trades at more than $105 a barrel, Deputy Prime Minister Alexei Kudrin, who is also the country's finance minister, said at a meeting with Russian President Dmitry Medvedev.

"Our efforts have been focused on reducing the budget deficit. For 2011 it is planned at 1%-1.4% and not 3.6% as earlier [expected]," Kudrin said at the meeting.

"Or maybe less," Medvedev said.

Kudrin said that this would be possible if oil stands above $105 a barrel on the market.

Kudrin added that "all subjects of the Russian Federation haven't posted deficits for their budgets in the first quarter."