The Ministry of Finance will replenish the National Welfare Fund less at low oil prices, but will finance expenses

The Ministry of Finance will replenish the National Welfare Fund (NWF) less if this year Urals oil prices are at $65 per barrel and the dollar exchange rate is around 90 rubles, said Finance Minister Anton Siluanov. According to him, the Ministry of Finance will still finance all expenses.

“This year we planned the budget based on the oil price of $70 and the exchange rate of 90 rubles. for a dollar. Our Urals are now just above $65, but the exchange rate is the same. If the situation continues, we will replenish the National Welfare Fund in smaller amounts, but all expenses will be financed,” the minister told RIA Novosti.

According to the latest forecast of the Ministry of Economy, the average dollar exchange rate in 2024 will be 90.1 rubles. The average export price for Russian oil is $71.3 per barrel. At the end of the year, the volume of the National Welfare Fund should amount to 6.7 trillion rubles. Expenses are projected at 36.6 trillion rubles, revenues at 35 trillion rubles, and a deficit at 1.595 trillion rubles, or 0.9% of GDP.

At the same time, in January of this year, the volume of the National Welfare Fund decreased by 43 billion rubles, to 11.922 trillion rubles, and in dollars increased by $119 million, to $133.526 billion. January collections of oil and gas revenues were slightly higher than in December (RUB 651 billion). Compared to last year’s revenues (RUB 426 billion), they increased 1.6 times. Mineral extraction tax collections decreased to 878 billion rubles. against 970 billion rubles. December. Spending on subsidies to oil refiners in January decreased to 111 billion from 151 billion rubles. in December, payments for fuel damper – up to 147 billion from 258 billion rubles.

More details in the material “Budget with a smooth start”.

Anastasia Larina