Photo: Safron Golikov / “Kommersant”
The Ministry of Finance and the Ministry of economic development have argued over the future of the Russian economy. Write about this “Izvestia”, citing a source.
According to the newspaper, the Ministry of Finance did not like the adjusted forecast of socio-economic development of Russia until 2023, the Ministry of economic development last week. The previous two were rejected and returned for revision. Differences resulting from the assessment of the amount of nominal GDP by 2021. The Finance Ministry believe that the figure of 113.7 trillion rubles too pessimistic, in the office waiting for a more dynamic rebound of the economy.
As explained by the publication of nominal GDP is directly dependent revenues, primarily from non-oil sources. Low expectations for economic recovery put pressure on the revenue budget and limit the Ministry of Finance plans costs. “It [the budget] in any case, will be scarce, so if you predict a shortfall of revenues, and expenses should be restricted,” — said the source. He pointed out that to reduce them compared to the level of 2020 is highly undesirable “economically and politically”.
Another solution could be compensation of lost oil and gas revenues from the national welfare Fund (NWF). However, such action is prohibited by the fiscal rule.
At the same time, the Finance Ministry, there are objective arguments for forecast correction, another source said. He listed the increase in oil prices (raw material cost exceeded $ 40 per barrel), as well as the national economic recovery plan, which involves large-scale investment and the liberalization of the law. The first estimates of the recovery of the GDP was made by the Ministry of economic development before the development of the programme, recalled the interlocutor of the edition.
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