Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Livshits Predicts Revenue Leap This Month

Finance Minister Alexander Livshits predicted Tuesday that federal tax receipts would soar this month, another sign of government confidence that it has turned around its miserable tax-collection performance.

In remarks reported by Interfax from Smolensk, where Livshits was visiting, he said December revenue should total 51 trillion rubles ($9.2 billion).

The would be more than double the 19.1 trillion rubles collected in November, which was a 50 percent increase over October. Revenues traditionally kick up at the end of the year as enterprises and the government get books in order.

If the trend continues, Livshits said, the government should have few problems financing the 1997 budget.

For most of the year tax collection has fallen drastically short of targets, undermining the government's ability to pay wages and prompting the International Monetary Fund to freeze payments on Russia's $10 billion, three-year loan.

Interfax also quoted Livshits as saying he expects the World Bank to release the second half of a $500 million credit for restructuring the coal industry sometime after Dec. 23.

Russian officials have acknowledged that the first $250 million tranche was not used for its intended purpose of softening the effects of coal mine layoffs.