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Moscow, July 29 (Petra) — Russia’s Finance Ministry said on
Wednesday that the federal budget deficit will rise to $100 billion,
equivalent to 3.6% of gross domestic product, this year as fiscal
pressures broaden.
The updated figure compares with an initial estimate of $47.5
billion.
The ministry said in a statement that the widening deficit stems from
increased government spending and a decline in revenues from the
energy sector.
It added that the revised forecasts reflect current economic
dynamics, noting that it continues to monitor revenue and expenditure
developments and will take necessary measures to maintain financial
stability.
//Petra// AF
