Russia Needs Additional $54.5Bln In 2020 To Cover Budget Needs, Support Economy - Kudrin

Russia needs additional 4 trillion rubles ($54.5 billion) this year to cover all budgetary needs and prop up the economy, and supporting business may require 2-3 trillion rubles more amid the global coronavirus pandemic, Chairman of the Accounts Chamber Alexei Kudrin said Monday.

MOSCOW (UrduPoint News / Sputnik - 13th April, 2020) Russia needs additional 4 trillion rubles ($54.5 billion) this year to cover all budgetary needs and prop up the economy, and supporting business may require 2-3 trillion rubles more amid the global coronavirus pandemic, Chairman of the Accounts Chamber Alexei Kudrin said Monday.

"The Federal authorities estimate missed revenue from oil and non-oil sources at about 3 to 4 trillion rubles depending on the scenario," Kudrin told RBC broadcaster, adding that the average oil price of $20 per barrel would mean 4 trillion loss for the budget, while $25 per barrel would lead to a loss of 3 trillion.

"We need to have 4 trillion [rubles] in reserve to replace the loss of revenue and fulfill budgetary obligations in full on the federal level, in pension fund and across the Russian regions," Kudrin said, adding that 2 or 3 trillion would be needed to support business.