On April 28, at a meeting of financial, treasury and tax bodies of the Republic of Tatarstan on results of consolidated budget execution in the 1st quarter of 2014 and tasks for 2014, Tatarstan President Rustam Minnikhanov said that the rates of economic growth is far from the expected targets, however, by the results of the 1st quarter of 2014 the regional budget performance is satisfactory.

Opening the meeting, Rustam Minnikhanov said that the regional industrial index made 100.8 per cent in the 1st quarter of 2014.

According to Rustam Minnikhanov, under the current conditions, the regional leadership must fulfill its main tasks, particularly, to pay wages to employees of state-funded and social organisations in full and in a timely manner, taking into account Russian President's May decrees, provide health care institutions and benefit-entitled citizens with medicines on a regular basis, and pay social allowances and benefits.

Tatarstan President noted that the republic is considerably integrated into the world economy that is facing tough times. Therefore, Tatarstan enterprises should expand their sales markets and establish contacts with foreign partners.

Making a report at the session, Head of Federal Tax Service in Tatarstan Marat Safiullin said, that a growth in tax revenues made 14 per cent, including 18.5 per cent in Tatarstan consolidated budget. This is due to an increase in excise taxes, export proceeds of enterprises and drop in the rouble exchange rate.

Tatarstan Minister of Finance Radik Gaizatullin reported that regional consolidated budget revenue made 45.2 billion roubles in the 1st quarter, including 37.5 billion in Tatarstan budget and 7.7 billion roubles in the local budgets. Tatarstan ranks 14th by the growth in budget revenues among Russian regions.

Summing up, Rustam Minnikhanov stated that the desired economic growth rates of 6-7 per cent per year have not been reached yet in the republic.

“In general, the results of the 1st quarter are satisfactory, however, the situation is becoming more complicated and we should be ready to deal with it,” Rustam Minnikhanov summarized.