“there have been several tests of strength. Take the current situation. Just a month ago, oil prices fell below $ 10 per barrel.
the exchange rate does not react very sharply, inflation remained even below the benchmark of the Bank of Russia, long-term interest rates in the economy remained stable. And in terms of budgetary policy, in fact only because of the rules we have now in such a challenging environment have the opportunity not only to greatly reduce costs but also to provide temporary support to people affected industries and businesses in connection with the imposed restrictions,” – said Siluanov. Therefore, neither of which cancellation is not out of the question, setting the price of oil in the fiscal rules precisely to review is not planned, said the head of the Ministry of Finance.
Siluanov said that in 2020 will increase the amount of borrowing compared with budget parameters approved in accordance with the budget rule is expected a significant shortfall in non-oil taxes, it is necessary to direct additional resources to tackle the crisis. “By autumn we will also review our medium-term options – depending on the development of the epidemiological situation, adapting the economy – will be clarified and the assessment revenues non-oil revenues for new budget three years. You can consider to partially temporary decline in non-oil revenues to cover the expense for the additional debt in 2021,” admitted the President.
But here, in his words, one must be careful not to pick up of scarce credit resources from the private sector in the period of economic recovery. “In any case, the budget will need gradually to align with the capacity of the economy – the limit of cost parameters of fiscal rules in the three-year budget accurately cancel is not planned”, – said Siluanov.
At the beginning of may in interview to the newspaper “Vedomosti” Siluanov talked about the danger of the abolition of fiscal rules for the budget and macroeconomic stability. However, he admitted “freezing” the cut-off price the cost of oil in the budget rule (now it is 42.4 per barrel).
For the current version of the budget rules additional Federal budget revenues from the sale abroad of oil in excess of the cutoff price are sent to the national welfare Fund (NWF). The cut-off price of oil in the budget rule is indexed each year by 2%. In recent months because of falling oil prices far below the cut-off price the Treasury sells the currency from the Fund to compensate for lost revenues.
on the Eve of the discussion in the government possible the abolition of fiscal rules until the end of the year, reported Bloomberg. In January, the number of analysts following the change of government assumed that d��ytuui the mechanism of budget rules can be revised to Fund the costs of fulfilling social obligations. Then the Ministry of Finance also rejected changes in the mechanism of budget rules.
