Russia's budget deficit to fall below 3% in 2011

Feb 02, 2011 12:00 AM

Russia's budget deficit will be less than 3 % of GDP in 2011 if oil prices exceed $ 75 per bbl , Finance Minister Alexei Kudrin said, citing Russian Finance Ministry forecasts. "According to our prognosis, the federal budget deficit in 2011 will be 3.6% of GDP if the oil price stands at $ 75 pb. But given the trends on the global market, including those related to extra liquidity and political risks in a number of oil producing countries, the oil price will remain quite high this year, and Russia's budget deficit will be less than 3 %," Kudrin said in Moscow.

Economic growth of more than 4% is possible in Russia if investment increases by 7-10% a year, Kudrin said. He also said that Russia would continue cutting federal budget spending by 1% of GDP annually in 2011 and 2012. "This is our roadmap."
All Russian ministries and other state administrative institutions have been ordered to draw up plans to improve the effectiveness of budget spending in the next 2 years. "We will do it publicly, we will analyze the ministries and state administrative departments' key spending points to achieve better results."

Kudrin also announced government plans to cut the number of all Russian ministerial and departmental officials by at least 5% in 2011, adding that the number of state officials is planned to be cut by 20% within the next three years.

Market Research

The International Affairs Institute (IAI) and OCP Policy Center recently launched a new book: The Future of Natural Gas. Markets and Geopolitics.

Cover_242-width

The book is an in-depth analysis of some of the fastest moving gas markets, attempting to define the trends of a resource that will have a decisive role in shaping the global economy and modelling the geopolitical dynamics in the next decades.

Some of the top scholars in the energy sector have contributed to this volume such as Gonzalo Escribano, Director Energy and Climate Change Programme, Elcano Royal Institute, Madrid, Coby van der Linde, Director Clingendael International Energy Programme, The Hague and Houda Ben Jannet Allal, General Director Observatoire Méditerranéen de l’Energie (OME), Paris.

For only €32.50 you have your own copy of The Future of Natural Gas. Markets and Geopolitics. Click here to order now!


 

Upcoming Conferences
« May 2019 »
May
MoTuWeThFrSaSu
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31

Register to announce Your Event

View All Events