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Russia’s Budget Deficit May Exceed 3.7% of GDP in 2016 – Former Finance Minister

© Sputnik / Maksim Blinov / Go to the photo bankChairman of the Council of the Fund of the Center for Strategic Research and Deputy Head of the Presidential Economic Council Alexei Kudrin at the Sochi International Investment Forum 2016
Chairman of the Council of the Fund of the Center for Strategic Research and Deputy Head of the Presidential Economic Council Alexei Kudrin at the Sochi International Investment Forum 2016 - Sputnik International
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Former Russian Finance Minister Alexei Kudrin said that the deficit of Russian budget could be more than 3.7 percent of GDP.

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SOCHI (Sputnik) — Russia’s 2016 budget deficit may slightly exceed the Ministry of Finance's estimate of 3.7 percent of GDP, former Russian Finance Minister Alexei Kudrin said Saturday.

"Russia's Ministry of Finance estimates that [the budget deficit] would be up to 3.7 percent of GDP. It is the minimum level, in my view, it could be exceeded," Kudrin told reporters on the sidelines of the International Investment Forum in Sochi.

On Friday, Russian Finance Minister Anton Siluanov said that the Ministry of Finance had prepared draft amendments to the federal budget of 2016, according to which the deficit could reach 3.5-3.7 percent of GDP. Initially, the Russian authorities hoped to limit budget deficit in the current year to 3 percent of GDP.

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In 2015, Russia's federal budget was 2.6 percent in deficit, amounting to some 1.9 trillion rubles ($29 billion) according to the Russian Finance Ministry. The federal budget has come under increasing pressure from falling oil prices and a falling GDP growth rate throughout 2015.

The International Investment Forum, which is a platform for presenting Russia’s economic and investment potential, is held on September 29 – October 2 in Russia's southern resort city of Sochi.

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