Russia Raises Forecast Deficit for Next Year as Recession Looms
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Russia is facing a “considerably higher” deficit next year than planned as the economy slides toward recession, according to Finance Minister Anton Siluanov.
“If incomes are lower and the main spending is fully financed, then we’ll have to use reserves and increase the deficit,” Siluanov told reporters in Moscow. “One year with a deficit isn’t so scary, the most important thing is to prepare future budgets.”