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The Budget Deficit Of The Russian Federation Since The Beginning Of The Year Amounted To 1.5 Trillion Rubles

The Budget Deficit Of The Russian Federation Since The Beginning Of The Year Amounted To 1.5 Trillion Rubles

The Federal budget of the Russian Federation in January-July 2020, according to preliminary estimates, was executed with a deficit of 1.52 trillion rubles, the Ministry of Finance reported. The Ministry no longer traditionally estimates the size of the debt in terms of GDP.

Revenues amounted to 10.4 trillion rubles, or 50.5% of the total approved volume for the year, expenses - 11.92 trillion rubles (60.6%, or 54.4% of the consolidated budget list, taking into account the changes).

The budget deficit in July was 699.2 billion rubles (revenues-1.307 trillion rubles, expenditures-2 trillion rubles).

In March 2020 following the order of the Ministry of Finance of Russia from 13 March 2020 No. 109 "On the use of additional oil and gas revenues of the Federal budget received in the year 2019, on the formation of the national welfare Fund" means the foreign currency in the amount of 20 630,8 million U.S. dollars, 18 431,1 million euros and 3 589,3 million pounds purchased with funds from the Federal budget within the volume of additional oil and gas revenues of the Federal budget for 2019 credited to the account to record funds of the NWF in the relevant foreign currencies.

To co-Finance the formation of pension savings of insured persons who have paid additional insurance premiums for a funded pension, in April and July 2020, part of the national welfare Fund's funds in accounts with the Bank of Russia for 17.0 million us dollars, 15.7 million euros, and 3.0 million pounds were sold for 2,877,3 million rubles, after which the national welfare Fund's funds for 3,689,0 million rubles (including 810,6 million rubles). Rubles previously credited to the account of the national welfare Fund in the Bank of Russia in rubles) are credited to the account of the Federal budget.

The exchange rate difference from the revaluation of funds of the national welfare Fund for January - July 2020 amounted to 1,492,360.4 million rubles.