The deficit of Russia’s regional budgets, which last year reached a record level, will continue to rise, warned Finance Minister Anton Siluanov on Monday.
The situation of the regional budgets is “complicated,” he declared during a meeting of the Legislative Council: “Last year, the deficit significantly increased — from usual levels of 200-300 billion rubles to about 1.5 trillion.”
This year, according to Siluanov’s estimates, the total “gap” in the regional budgets will increase by another 400 billion rubles (approximately 4 billion euros), reaching 1.9 trillion rubles (about 19 billion euros).
Under these circumstances, regions must adopt budget consolidation measures to reduce the deficit to approximately 1 trillion rubles (around 10 billion euros), emphasized the minister.
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