MOSCOW--Russian Finance Minister Anton Siluanov said Friday that the budget deficit for 2016 could reach 3.5%-3.7% of gross domestic product, Interfax reports.

Russian President Vadimir Putin has tasked the government with keeping the budget deficit below 3% of GDP in 2016, but low oil prices continue to leave the country in recession with diminished federal budget revenue.

To meet this target, the government said it was renewing efforts to sell state stakes in large companies, while looking for ways to increase borrowing to plug holes in the budget.

Write to Moscow bureau at moscowbureau@dowjones.com

(END) Dow Jones Newswires

September 30, 2016 05:32 ET (09:32 GMT)