For anyone who still believes we have problems with their budget and deficit, I post this chart. In October the deficit was almost nil, after having decreased almost 10 times (year/y).
Non-oil and gas revenues are growing at a faster rate, but expenses are not. In real terms, it even goes down.
At the end of 10 months, the deficit amounted to only 5.2 trillion rubles (2.3% of GDP). Even if by the end of the year it reaches the 7.2 trillion planned by the Ministry of Finance, it will still be very modest.
The main problem is not the extent of the budget deficit, but the rates at which the Ministry of Finance closes it. Paying 16-17% for 8-10-12 years is a thoughtless and irresponsible policy.
Konstantin Dwinsky.