The government will double loans for economic recovery

While the price of oil on world markets remains below the price at which laid out the budget in 2020, the government makes up for foregone revenues by the sale of foreign currency from the national welfare Fund and through the placement of new government loans.

Russia’s Finance Ministry has announced plans to double the amount of placement of bonds (OFZ) — from 2.3 trillion to 5 trillion rubles in 2020.

“the Upper limit of the estimated range of the Federal budget deficit around 5% of GDP plus or minus. About the amount of borrowing in gross terms, we orientirueshsya on it”, — explained the Deputy Finance Minister Vladimir Kolychev.

government bonds on foreign markets is not planned to place. Russia will be able to fully close the budget needs without resorting to foreign borrowing in 2020, said earlier the Deputy Minister of Finance Timur Maximov.

the Total cost of anti-crisis measures have already exceeded 3.3 trillion roubles, 2.5 million jobs had been maintained within the anti-crisis package. And although most of the support measures is abolished from 1 July the government plans to increase expenditures of the Federal budget in 2020 to 1.8 trillion rubles, said a day earlier the Prime Minister of the Russian Federation Mikhail Mishustin at the government meeting.

In this case, the cost will grow by 9% and will be sufficient for the anti-crisis plan and a recovery plan, and the scheduled budget commitments. The Cabinet is preparing amendments to the Budget code to be included in the expenditure budget, the national economic recovery plan worth more than 5 trillion rubles.

Before the pandemic Russian budget-2020 was approved with revenues 20,38 trillion rubles, expenditures of 19.5 trillion rubles. A budget surplus in 2020 is planned at the level of 876 billion rubles. While GDP was to be 112,863 trillion rubles, inflation of 3%.