MOSCOW (Pakistan Point News / Sputnik - 25th May, 2020) Moscow budget has received 160 billion rubles ($2.23 billion) less than due over the coronavirus outbreak, Deputy Mayor for Economic Policy Vladimir Efimov has said in an interview with Sputnik, adding that the entire amount of losses could reach 600 billion rubles.
"As of now, the city budget has already lost almost 160 billion rubles. The revenue has fallen by 7 percent year-on-year, while we planned to achieve an 8 percent increase compared to 2019," Efimov said.
The Russian capital's budget is expected to receive around 600 billion rubles less than due in total over the pandemic, according to the deputy mayor.
"For instance, the oil and gas industry is already today 'seizing' the� tax overpayment, which companies have produced, based on last year's results. Apart from that, the financial and banking sectors will fail to receive a significant share of their due revenue, both due to Currency exchange differences and to the increase in business activities," Efimov said, adding that the coronavirus has in fact affected every Moscow citizen, raising the need for joint effort again the consequences of the pandemic.
Even though many enterprises are forced to downgrade activities, the situation in the Moscow economy is not critical, the deputy mayor believes.
"You know, it is hard to make a proper assessment, since a significant share of enterprises cannot work in a full-fledged mode yet ... But I would not say that the situation is critical, as several sets of business support measures have been adopted, both at the Federal level and at the governmental level," Efimov explained.
He added that the authorities were analyzing how business people made use of the relief measures, and would soon hold new negotiations on the efficiency of the support provided.
