Finance Ministry to amend 2015 state budget

Due to budget deficit amid low oil prices and growing expense on servicing the public debt, the Finance Ministry will make budgetary adjustments for 2015. The 2015 budget has been approved before the devaluation and did not take into account the national currency depreciation. In addition, the government anticipates reduced revenues from foreign economic activity, and reduced cash inflow from duties on petroleum products – down to USD 400-500 million, which will reduce expected budget surplus in 2015. The state is set to cut funding for state support programmes and reduce the number of state employees. In addition, in order to increase budget revenues, the authorities may increase pressure on the private sector and profitable state-owned enterprises.