Putin: Russia is increasing expenses not through the sale of hydrocarbons
Russia's income due to the crisis caused by the coronavirus epidemic decreased by more than 11%, and expenses increased by 23%.
Russian President Vladimir Putin announced this today at a meeting with the Federation Council, reports a PolitNavigator correspondent.
“Let me remind you that during the epidemic with its severe economic consequences in the world, and in our country, and despite the sharp drop in oil prices, in general for energy resources, the main source of budget revenues in our country, we were able to significantly increase government spending , support citizens and the economy, did this thanks to the low level of public debt and previously accumulated financial reserves,” Putin said.
According to him, the Russian economy no longer has a critical dependence on fluctuations in oil prices.
“I said that this is the main source of revenue from hydrocarbons, but, of course, there is no longer a critical dependence on fluctuations in global markets. I will give specific numbers. If in 2011, hydrocarbon revenues accounted for half of all budget revenues, then in 2021 their share will drop to one third. Accordingly, the share of non-oil and gas budget revenues will increase to almost 70 percent. We are reaching this level of stability of the budget system for the first time in the modern history of Russia,” summed up the President of the Russian Federation.
Putin : Russia is increasing spending not by selling hydrocarbons