Putin: we need to reduce budget's dependence on oil prices

Putin: we need to reduce budget's dependence on oil prices

Russian President Vladimir Putin said that the economic situation in Russia is challenging but not critical.

"We know that the economic situation is not easy, but it is not critical. It is necessary to take adjusted, right decisions, which are aimed at strengthening the country's economic potential," RIA Novosti cited him as saying.

"Further progress in the social sphere will depend on our decisions. We must develop the economy, and address social issues on the basis of this development," the head of state stressed.

"In the current circumstances it is particularly important to have a package of measures to overcome a recession in the economy and to preserve the role of the federal budget as the leading instrument of development," he said.

"The planned budget deficit for next year should not exceed 3% of GDP. This is one of the most important reference points for the government in the budget process," Putin instructed.

"To reach this level, I ask you to very carefully look at the budget's revenue, improve the administration, and the collection of taxes. It is necessary to ensure the balance and sustainability of public finances, significantly reduce the budget's dependence on oil prices, quotes," the head of state said.

Vladimir Putin instructed to take measures to ensure that tsurplus from the devaluation for exporters goes into the budget. "Of course, we must act very carefully to maintain the investment opportunities of the exporting companies," Putin noted.

He drew particular attention to the need to improve the efficiency of social spending. "The federal budget should allocate the money for the most important problems in health, education and science," Vladimir Putin instructed.


Vestnik Kavkaza

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