Russia Says No Budget Crisis Despite Deficit Exceeding Annual Target - The Moscow Times
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Russia's Finance Ministry does not consider the country's widening budget deficit a crisis despite the shortfall surpassing 6 trillion rubles ($83.5 billion) in the first five months of the year, Deputy Finance Minister Irina Okladnikova said Wednesday.

Russia’s Finance Ministry does not consider the country’s widening budget deficit a crisis despite the shortfall surpassing 6 trillion rubles ($83.5 billion) in the first five months of the year, Deputy Finance Minister Irina Okladnikova said Wednesday.

“We do not believe we have a budget crisis,” Okladnikova told lawmakers in the State Duma, according to Interfax. “The budget is being executed according to schedule.”

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The shortfall [in the period January-May] was roughly double the level recorded during the same period last year and already exceeds by 60% the government’s deficit target for the entire year.

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