MOSCOW (Pakistan Point News / Sputnik - 26th October, 2020) Russia is expected to spend roughly 9 percent of its GDP in the 2020-2021 period on coronvirus-related support programs to citizens and businesses, Finance Minister Anton Siluanov said on Monday.
"The amount of budget funds allotted for the support of citizens, support of businesses and modernization of health care system is around 4.5 percent of GDP. It is more or less 5 trillion rubles [$65.6 billion]. These are the resources that we have earmarked within a nationwide plan for a broad range of issues," Siluanov told the Rossiya 24 broadcaster.
According to the minister, Russia had to switch from the budget surplus model to deficit amid a sharp decline in revenues during the pandemic and would likely need to seek additional financial means next year.
"These additional financial means will total around 9 percent of GDP [in the 2020-2021 period], of which 4.5 percent will be spent on the nationwide plan for tackling the consequences of the pandemic and supporting those citizens and businesses which need state assistance," Siluanov specified.
Russia's draft budget for 2021 is currently estimated at 115.5 trillion rubles. The GDP in 2020 is expected to reach around 107 trillion rubles.
