Aksakov said that the state will cut investments due to budget deficit

Anatoly Aksakov, head of the State Duma committee on the financial market, said that due to the budget deficit, the state would be forced to cut investments. He spoke about this during the NAUFOR conference “Russian Stock Market”.

“The state’s revenues are quite significantly reduced this year, and, accordingly, the budget deficit is growing. In such conditions, the state will obviously simply reduce investments, at least such an approach is possible, since there are no incomes and it is necessary to reduce investment costs, ”said Aksakov (quote according to RIA Novosti).

According to him, in the current situation, the task of the deputies and the government is to create conditions for private investors so that they attract internal resources for the implementation of projects. Also, according to the deputy, private companies operating in the financial market “will begin to draw money from Asia, and from Europe and America in roundabout ways.” Aksakov argues that the development of digital rights and digital financial assets is a help to private investors.

According to the results of January – March 2023, federal budget revenues amounted to 5.7 trillion rubles, which is 21% lower than in the first quarter of 2022. The decrease is due to a decrease in income from energy exports, the Ministry of Finance explained then. The deficit in the first quarter of 2023 amounted to 2.4 trillion rubles.

May 11, Presidential Press Secretary Dmitry Peskov declaredthat the situation with Russia’s budget deficit is “absolutely controllable” and the country “has the necessary margin of safety.”