Russia Faces Budget Gaps – Report | Business | RIA Novosti

Russia Faces Budget Gaps – Report | Business | RIA Novosti:

"Russia’s federal budget will likely face a shortfall of around 10 trillion rubles ($302.5 billion) in revenues needed to finance the government’s budget commitments in the period 2017-2020, according to a government strategy document.
Growing pension liabilities, a likely fall in revenues from raw materials exports, shrinking tax revenues and a reduced contingency Reserve Fund of windfall energy revenues may drain the country’s budget even further, the Russian edition of Reuters said Thursday, citing the report.
The rising social commitments come as the government is conducting a massive rearmament program for the armed forces, boosting defense spending to a two-decade high.
The situation may be rectified by cutting spending and raising oil sector taxes, according to a long-term budget strategy for the period to 2030 that the Finance Ministry is to submit to the government this week."

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