Having analyzed the execution of the federal budget in Q1 2019, the Gaidar Institute’s experts note an increase in non-oil-and-gas revenues by 0.3 p.p. of GDP relative to Q1 2018. This increase in revenues resulted in a federal budget surplus of around 2.2% of GDP, which was higher than in Q1 2018 when it amounted to 1.8% of GDP. It is noted that as far as the public debt management policy of the RF Ministry of Finance is concerned, the Ministry is facing no problems with the placement of securities on the domestic market. This is largely due to the palpable growth in foreign investors’ interest in acquiring Russian debt instruments caused by the favorable relationship between their profitability and credit quality.[…]