Siluanov: Federal budget revenue shortfall could exceed 1 trln RUB in 2013

RUSSIA ENERGY / FINANCE - In Brief 05 Jul 2013 by Marcel Salikhov
Revenue shortfall in the budget in 2013 could reach 1 trillion rubles, the Finance Minister Anton Siluanov said at a government meeting yesterday. He did not rule out the need to use the Reserve Fund already this year. Major sources of the shortfall are VAT, income tax and privatization program, according to Minfin. Revenues for 2013 are forecasted at 12.886 trln RUB in the budget law, basically the same as in 2012. Federal budget revenues for Jan-May 2013 stood at 5.1 trln RUB (+0.7% y-o-y). Reserve Fund stood at 2.771 trln RUB as of  July 1, 2013. While Silanov’s statement looks exaggerated, risks for the budget are no doubly growing due to sluggish economic growth in the country. In any case any significant revenue shortfall can be covered by the Reserve Fund resources this year but in the long-term that means the need to revise fiscal policy priorities. Another point is that expected appearance of Minfin on FX market could by less material than was expected. Minfin could be a seller of FX in order to support budget expenditures. 

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