BEIJING, November 10 (RIA Novosti) — Russia will not increase its state deficit and will hold it at a controllable level of no less than 15 percent of the gross domestic product, Russian President Vladimir Putin said Monday.
“There will be no growth in the state deficit. We plan on holding it at a safe controlled level of no less than 15 percent of the GDP,” Putin said during his speech at the Asia-Pacific Economic Cooperation summit in China.
In mid-October, Putin said that Russia had enough reserves to meet state budget goals regardless of global political and economic trends. He added the country's budget could be adjusted to reflect fluctuations in oil prices, but vowed social spending would not be cut.
The APEC summit brings together 21 nations in a bid to join forces against global challenges. The main focus of the summit will be on the creation of a new Asia-Pacific partnership. The Ebola virus, air pollution, terrorism and corruption are also expected to receive attention during the summit.