Russia has plenty of money, but those in charge of managing it are not effective enough, the head of the Duma Committee on Budget and Taxes Andrei Makarov said at a convention of the United Russia party on Monday, the RBC news agency reported.
"The main thing we need to understand is that we are filthy rich, but we do not always manage that money effectively," he was quoted as saying by RBC.
He said that the authorities have to fight for efficient money management on every level, adding that the idea of printing new banknotes would not solve Russia's existing problems.
According to the Russian Finance Ministry, the budget deficit reached 112.7 million rubles ($1.6 million), or 0.4 percent of gross domestic product (GDP) in the two first months of this year, though President Vladimir Putin ordered that the yearly deficit should not exceed 3 percent of GDP.
Russian Finance Minister Anton Siluanov said last month that the deficit could rise to 4 percent of GDP in 2016 if the oil price drops to $30 per barrel, RBC reported.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.