The Russian authorities hoped that this year it would be possible to reduce the hole in the budget to 1.17 trillion of rubles (about PLN 55 billion), i.e. 0.5 percent. GDP, and start collecting funds in the National Fund of Welfare of the Russian Federation, which was exhausted by the war. However, the decrease in oil prices and a strong ruble caused a “storm”, which forced the Ministry of Finance to increase the estimates of the budget deficit to 3.8 trillion of rubles, or 1.7 percent. (approx. PLN 178 billion) GDP. Instead of completing the reserves, the ministry is again preparing to spend them.
The Ministry of Finance has prepared changes in the country's main financial plan of the country based on the new macroeconomic forecast of the Ministry of Economic Development. It provides, among others A significant decrease in the forecast average annual Urals price – up to $ 56 (PLN 210) for a barrel from the budget of $ 69.7 (PLN 261) for a barrel.
From the beginning of the year, the actual price of oil has not reached the level assumed in the budget, and in April it was already lower than that presented in the new forecast of the authorities. According to the estimates of the Ministry of Finance, the low price of oil in combination with a strong ruble will lead to a reduction in oil and gas income by 2.6 trillion of rubles (approx. PLN 122 billion), which is almost a quarter in relation to the original plan
In a few months, the Ministry of Finance intends to correct the budget based on current data. -In autumn, we plan to present the final budget corrections in the state pride, which will correspond to the forming macroeconomic situation and the priorities of the state of socio-economic policy conducted by the state-said finance minister Anton Siłuanow.
Presenting changes to the Act, the chairman of the state -owned state pride committee Andrey Makarov warned about new threats to Russia's revenues from oil in connection with the threat of American secondary sanctions. He admitted that the hole in the budget at the end of the year may be even greater than the legislators predicted in amendments. – The deficit for the first four months of this year has already reached the amount (annual), which we currently accept, so it can be even greater – said Makarov.
According to data from the Ministry of Finance, from January to April this year, Russia's expenses turned out to be higher than the income by 3.23 trillion of rubles, i.e. 1.5 percent. GDP. Thus, they exceeded the size of the deficit in the Budget Act three times.
