Word: kudrin
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...difficult situation our country, our economy, is in," Medvedev said as he announced that budget expenditures would exceed revenues for the first time in 10 years. He said the government would move "to a strict regime of saving budget resources" along the lines championed by bearish Finance Minister Alexei Kudrin. (See pictures of Putin...
...After the meeting, Finance Minister Kudrin said the government was drafting a new GDP forecast of its own that would "take into account all anti-crisis measures, which means the plunge will be greater" than previous estimates. He added that he expects inflation of around 13% this year...
...Kudrin said that even a 5% budget deficit - lower than Medvedev's new prediction - would be enough to exhaust the government's $113 billion Reserve Fund, which is generated mostly through oil and gas export revenues. But he said that since the government is tightening spending and basing its budget on "conservative" oil price forecasts of $50 a barrel in 2010, $52 in 2011 and $53 in 2012, he believes the fund could begin replenishing itself as early as in 2011. Part of the reason for Russia's current predicament is earlier over-optimistic estimates for oil revenues, which make...
...Kudrin also told the press that Russia will not turn to the International Monetary Fund for help, but that the country would consider borrowing more than $7 billion from overseas in 2010 and an additional $10 billion over the following few years. But his emphasis was on lower outlays: "A review of spending, a transition to targeted spending and saving - these are the key words in the next three years," he said. In an apparent swipe at comments by Putin and his team, the Finance Minister said, "There are some optimistic forecasts that there will be some growth next year...
...Medvedev is clearly listening to Kudrin here, suggesting that the government will become much more austere in its spending," said Alexie Moisseev, a chief analyst at Renaissance Capital, a leading investment bank in Moscow. "Maybe this time around the Russian government will become more conservative and balance its budget in a more proactive way." (Read: "Putin to the West: Hands Off Ukraine...