The Finance Ministry expects the return of expenses in the direction of fiscal rules by 2022

the Russian Government intends to gradually reduce the cost, increased during the pandemic to support the economy and citizens.

the Cost will return to the track budget rules by 2022, said Deputy Finance Minister Alexei Moiseev at the annual Russian conference of investors, “Renaissance Capital”. Now the size of the state support for the economy and the population considerably exceeds a spending limit set by the budget law.

the Total cost of anti-crisis measures exceeded 3.3 trillion roubles, 2.5 million jobs had been maintained within the anti-crisis package. A large part of the support measures is abolished from July 1.

“We opened all the floodgates on the fiscal side over the last couple of months to support the economy and people who are unable to provide for themselves due to coronavirus, — said Moiseev. But all these measures are temporary. The so-called problem of July 1, stands before us in full growth, because most of these measures will be abolished from 1 July. We intend to return to the budget rule to 2022”.

the Ministry of Finance on the budget rule and buys a currency in reserves to the income from the sale of oil flowing into the Treasury in taxes from oil and gas companies. Currency buy stocks when the oil price above the $40.2 per barrel — mounted rule level in 2020. Conversely, the currency is sold, if the price of oil below the rule level, and the money received from the sale of currency are used to Finance the budget deficit. The price of Russian Urals oil consistently over $40 while only less than a month — from June 5.