The Russian budget is expected to lack some RUR 10 trillion, or $300 billion, until 2020 to deliver on the promises given by the authorities even with the oil prices remaining as high as today, says Lenta.ru.

      The estimate has been provided by the Finance Ministry, the Russian news outlet quotes Reuters.

      The Finance Ministry has drafted a budget policy based on a conservative macroeconomic forecast, with 2.5 percent as the reference GDP growth rate.

      According to the latest reports, Economic Development Minister Alexey Ulyukayev downgraded the 2013 forecast to 1.4 percent.

      He replaced Andrey Belousov as Economic Development Minister in June 2012, but has so far failed to kick-start the economy.

      According to the IMF, Russia’s prospects “have been dampened by a weak external environment, some acceleration of capital outflows and declining equity prices and subdued investment”.

      Industrial output has been flat within the past ten months, and the privatization campaign announced earlier by the Medvedev cabinet has stalled amid a bleak economic outlook and reluctance of state corporations’ management to share their revenues and power with foreign players.

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