Siluanov: budget expenditures will be reduced for the sake of maintaining a reserve fund

The government will reduce expenses and occupy more in the domestic market in order to maintain a reserve fund. This was announced at the Forum "Russia Calls" Minister of Finance Anton Siluanov, reports TASS.

Russia must save its reserves in the next three years, the minister emphasized. “We cannot endlessly spend our reserves. The structure of sources of financing: two -thirds are a reserve fund, one third is internal borrowing and privatization. This year, I hope, there will be more income from privatization,” Siluanov said. “Since we do not plan such packages to the coming three -year -old, the structure will change sharply - it will sharply decrease the waste of the reserve fund, so that it will be maintained at the end of the three -year -old. Its level is sufficient. "

At the same time, the minister promised that taxes would not be increased. The budget deficit will be covered by borrowing in the domestic market, the volume of which will increase. According to Siluanov, the market for this is enough liquidity. True, here, according to Siluanov, it is important to "not to go too far" and prevent the growth of bets.

Siluanov did not exclude borrowings in the foreign market, but so far they will be small. "I think this is the level of $ 7 billion, as we usually present in the market," the minister said.

On October 6, the government supported the bill on amendments to the federal budget of 2016. In particular, the budget deficit increases to 3.66 percent of GDP , that is, to 3.034 trillion rubles. Previously, a budget deficit was assumed 3 percent of GDP, or 2.360 trillion rubles. In the draft amendments, an increase in the volume of internal loans from 300 to 500 billion rubles is also laid.

Meanwhile, the budget deficit this year may be more established by amendments. In the materials of the Ministry of Finance, the draft amendments to the budget of this year is not excluded that it can reach 3.9 percent of GDP, or 3.265 trillion rubles.

The budget deficit is currently funded at the expense of the reserve fund. On September 17, a source close to the Ministry of Finance reported that they could end already at the end of this or at the beginning of next year, if the plans of the government for privatization are not fulfilled. “There will remain a little for the next year, and maybe they will be consumed (until the end of the year. - Ed.), If privatization does not happen in the planned volume. But, most likely, at the beginning of the next year,” the source said. He also did not rule out that in 2017, funds from the National Welfare Fund would be spent. “So far, the government has not abandoned this,” the source noted.

On September 9, the Deputy Minister of Finance Alexei Lavrov said that the reserve fund will be fully spent in 2017. According to him, financing of the federal budget deficit in this case will occur, including at the expense of the National Welfare Fund.

Prior to this, the Minister of Finance has already reported the probability of a script in which the reserve fund will be spent next year. At the end of June, Siluanov reported that the expenditure of the reserve fund in 2016 should not exceed 2.2 trillion rubles, but for this , plans to mobilize additional copyrights , in particular, in the form of Rosneftegaz dividends, 19.5 percent of which were planned to privatize in 2016.