Rustam Minnikhanov: Stability is the most important criterion of the financial system

On July 16, speaking at a regional meeting of financial, treasury and tax agencies, Interim President of the Republic of Tatarstan said that in the first half of 2015 tax and non-tax revenues of the regional consolidated budget amounted to nearly 90 billion roubles, with a growth of 3.5 per cent.

The meeting reviewed the results of execution of consolidated budget of the Republic of Tatarstan in the first half of 2015 and set tasks till the end of 2015.

Minnikhanov noted that in the first half of the year the total revenue, including non-repayable receipts, amounted to 106.4 billion roubles, with the plan executed by 51 per cent. He said that the expenditures of the consolidated budget of republic amounted to 101.5 billion roubles.

The index of industrial production made 99.2 per cent for the period under review. The volume of construction works is 95.6 per cent, while the retail trade decreased by 14.5 per cent, which is of concern, Minnikhanov emphasized. For the first five months almost 23.9 per cent of the regional enterprises have suffered losses amounting to 14 billion roubles.

According to Minnikhanov, the main tasks are to strictly implement the May decrees of Russian President, ensure uninterrupted provision of health facilities, privileged categories of population with medicines, welfare payments. “Our entire social infrastructure must work steadily," he said.

Minnikhanov reminded that the Russian Ministry of Finance has published a report on the main directions of increase of efficiency of the budgetary expenditures and tasks to limit the rate of growth of expenditures in the medium term and come up with the non-deficit budget with increasing cost-effectiveness are set.

Minnikhanov noted that the work on the budget for 2016 and the planning period of 2017-2018 is underway. In his opinion, at a time when finances are limited, stability and clear relationship are important. "Stability isthe most important criterion in the financial system," Minnikhanov summed up.