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Russia Looks to Borrow to Plug Funding Gap
Keywords:
Tags: Current Focus, Oil & Gas, Russia,
Russia's government lowers its forecast for GDP growth in 2013 to 1.8%. Like other emerging markets Russia is facing a slowdown in economc growth. Government forecasts are for 3% growth for 2014 and 2015. About 50% of revenues in the budget come from oil exports and Russia is still dependent on higher oil prices. The budget is likely to have a 1% of GDP deficit in 2015. President Putin is not inclined to run a large deficit to increase growth. Budget revenues are expected to come lower for 2014 and 2015 by 3.3% and 6.9% compared to forecasts. Finance ministry policy is for hiking taxes on mineral extraction 16% by 2015, and increasing excise taxes on cigarettes and alcohol. State run firms will be asked to pay out 35% of profits as dividends compared to the current 25%, providing $39 billion from this action, according to the Finance ministry.
Russia's economy- 2010-2014
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Russia Looks to Borrow to Plug Funding Gap
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Global Oil Glut Sends Prices Plunging
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Russia Seeks Foreign Investment to Fill Budget Gap
New York Times 01/24/2011
This Time, Russia Is Prepared for a Global Downturn
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Wall Street Journal 09/22/2011
Finance Minister Will Quit Russian Government
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Russian GDP growth in 2011-2014
08/17/2011
Growth in the Russian economy and challenges it faces.
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Putin Pledges Stimulus for Russian Economy
Wall Street Journal 06/21/2013
Russia's Growth Pace Continues to Weaken
Wall Street Journal 08/11/2013
Russia Looks to Borrow to Plug Funding Gap
Wall Street Journal 09/19/2013
Russia Is Facing Stagflation, Central Banker Says
Wall Street Journal 01/17/2014
Russia's Power Play Hits Economic Weak Spot
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Russian Finance Minister Rejects Calls to Boost Spending
Wall Street Journal 04/17/2014
Russia's economic policies for Putin's third term as President
02/22/2011
Grouped Articles
Putin Pledges Stimulus for Russian Economy
Wall Street Journal 06/21/2013
Russia's Growth Pace Continues to Weaken
Wall Street Journal 08/11/2013
Russia Looks to Borrow to Plug Funding Gap
Wall Street Journal 09/19/2013
Russia Prepared to Let Ruble Slide
Wall Street Journal 01/30/2014
Wall Street Journal 03/05/2012
Competing Visions for Russia’s Economic Future
New York Times 05/22/2014
Russia's policy for foreign investment: 2011-2014
01/20/2008
Grouped Articles
Wall Street Journal 06/26/2013
Russia's Growth Pace Continues to Weaken
Wall Street Journal 08/11/2013
Russia Looks to Borrow to Plug Funding Gap
Wall Street Journal 09/19/2013
Competing Visions for Russia’s Economic Future
New York Times 05/22/2014
Putin Trumpets Economic Strength, but Advisers Seem Less Certain
New York Times 10/02/2014
Russia Seeks Foreign Investment to Fill Budget Gap
New York Times 01/24/2011
Russia's budget deficit, the Reserve Fund and foreign investment
05/09/2006
The Reserve Fund, Russia's sovereign wealth fund, is now down to $26 billion. This would only cover about half of the 2011 budget deficit. The need for foreign investment to pursue economic growth, meet development needs, and for oil exploration in the Arctic.
Grouped Articles
Russia's Growth Pace Continues to Weaken
Wall Street Journal 08/11/2013
Russia Looks to Borrow to Plug Funding Gap
Wall Street Journal 09/19/2013
Russia Prepared to Let Ruble Slide
Wall Street Journal 01/30/2014
Competing Visions for Russia’s Economic Future
New York Times 05/22/2014
Putin Trumpets Economic Strength, but Advisers Seem Less Certain
New York Times 10/02/2014
Global Oil Glut Sends Prices Plunging
Wall Street Journal 10/15/2014
Russia's Tech sector and efforts to forge a future away from dependence on oil.
09/12/2006
Russian investment in its tech sector to develop an economy that is resilient in the face of commodity price swings.
Grouped Articles
Putin Pledges Stimulus for Russian Economy
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The Next First (and Only) 100 Days
New York Times 12/10/2011
Russia Looks to Borrow to Plug Funding Gap
Wall Street Journal 09/19/2013
Russia's Tech Startup Scene Retreats Amid Ukraine Conflict
Wall Street Journal 09/09/2014
Global Oil Glut Sends Prices Plunging
Wall Street Journal 10/15/2014
Oil Prices Slip Further After IEA Report
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Russia's finance minister, Alexei Kudrin, and Russia's finances
01/25/2008
Kudrin on higher military spending of 3% of Russia's GDP, exceeding the amount spent on education. He sees this as endangering Russia's finances. Kudrin's focus on building the Russian Stabilization Fund helped Russia weather the 2008 global financial crisis. He is one of the St Petersburg officials who helped bring Putin to the Presidency. A slowing economy and a decline in oil prices would have an impact on the Russian economy. Analysts say Russia needs an oil price of $120 to support the current level of spending.
Grouped Articles
Putin Pledges Stimulus for Russian Economy
Wall Street Journal 06/21/2013
Russia Looks to Borrow to Plug Funding Gap
Wall Street Journal 09/19/2013
Russia Prepared to Let Ruble Slide
Wall Street Journal 01/30/2014
Red Alert on Russia Is Premature
Wall Street Journal 02/03/2014
Russia's Power Play Hits Economic Weak Spot
Wall Street Journal 03/04/2014
Russia Economy Worsens Even Before Sanctions Hit
New York Times 04/16/2014
Alexei Kudrin and other experts see the potential for a deep political and economic crisis in Russia 2011-2015
01/25/2008
Fears expressed by Kudrin and other experts at a Moscow conference about the impact of a recession in the eurozone and Greece's exit from the euro. Kudrin was a key figure in Russia anticipating and setting aside reserves in the sovereign fund to meet the adverse effects of the 2008 global financial crisis. The views expressed were that Russia's economy is shaky and could be seriously affected if European banks reduce their loans. Earlier he strongly opposed increases in military spending in a disagreement with prime minister Medvedev because of concerns about financial stability.
Grouped Articles
Ex-Aide to Medvedev and Putin Out at Kremlin
New York Times 05/08/2013
Putin Pledges Stimulus for Russian Economy
Wall Street Journal 06/21/2013
Russia's Growth Pace Continues to Weaken
Wall Street Journal 08/11/2013
Russia Looks to Borrow to Plug Funding Gap
Wall Street Journal 09/19/2013
Russia Is Facing Stagflation, Central Banker Says
Wall Street Journal 01/17/2014
Russia Prepared to Let Ruble Slide
Wall Street Journal 01/30/2014
Russia's full reopening of the domestic bond market to foreign investors in 2013
04/23/2010
Fifteen years after the Russian financial crisis of 1998, Russia will fully open its domestic bond market to foreign investors. Returns of about 7% compare favorably with the 4% returns on Italian bonds. The IMF estimate is for debt to GDP ratio to decline to 11% by the end of 2014, and it is a very different country today.
Grouped Articles
Russia, After 12 Years, Returns to Sell Bonds
Wall Street Journal 04/23/2010
Russia Looks to Borrow to Plug Funding Gap
Wall Street Journal 09/19/2013
Putin Trumpets Economic Strength, but Advisers Seem Less Certain
New York Times 10/02/2014
Debt Investors Turn Page on Russia
Wall Street Journal 12/19/2012
Russia and fears of stagflation (low growth and high inflation) in 2014-2015
09/19/2013
Linked Articles
Russia Looks to Borrow to Plug Funding Gap
Wall Street Journal 09/19/2013
Russia Prepared to Let Ruble Slide
Wall Street Journal 01/30/2014
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