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Federation Council adopts federal budget for 2012-2014

November 25, 2011, 19:45 UTC+3

In 2012, the federal budget revenues are adopted at 11.78 trillion roubles, expenditures at 12.66 trillion roubles and deficit at 0.88 trillion roubles

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MOSCOW, November 25 (Itar-Tass) —— The Federation Council, upper house of the Russian parliament, has adopted a law on the federal budget for 2012 and for the planned period of 2013-2014.

The forecast of the major macroeconomic indices taken as the basis for drafting the country’s major financial document “was formed proceeding from rather favourable estimates for the competition of Russia’s goods on the world markets,” Chairman of the Federation Council Budget Committee Yevgeny Bushmin told Itar-Tass.

Under the document, an average annual price of the Urals blend oil is expected to be at 100-101 U.S. dollars per barrel on the global market in 2012-2014, he said.

“It is projected that the upward dynamics of the economic growth will continue in the next three years,” Bushmin said, adding, “In the forecasted period, the GDP [Gross Domestic Product] will go up by 12.8 percent in real terms. At the same time, the growth will be slower than in the pre-crisis period [in 2006-2008, the indicator made up 23.5 percent].”

According to the document, the GDP will amount to 58.683 trillion roubles (USD 1 = RUB 31.57) in 2012, as well as the indicator is planned at 64.803 trillion roubles in 2013 and at 72.493 trillion roubles in 2014.

In 2012, the federal budget revenues are adopted at 11.78 trillion roubles, expenditures at 12.66 trillion roubles and deficit at 0.88 trillion roubles, he said.

In Bushmin’s words, social expenditures will remain in the top priority of the budget. Herein, their most significant hike is planned for 2012 and 2013. Besides, expenditures for the national defence and law enforcement activities take the second place in the rating of importance, he said.

“In addition, the document envisages considerable funds for the increase of wages for policemen, monetary allowances for servicemen and for the growth of labour and social pensions, as well as for the increase of salaries for those employed in the public sector [which is expected to occur firstly after 2008],” the budget commission chairman said.

“The budget also envisions spending for the modernisation programs in the spheres of healthcare, education and Russia’s Armed Forces,” he said.

Proceeding from the document, 586.3 billion roubles will be assigned for education, 86.1 billion roubles for culture and cinematography, 539.3 roubles for public health and 3,896.8 billion roubles for the social policy, Bushmin said, adding that expenditures for the national defence will be at 945.5 billion roubles and for national security and law enforcement activities at 1,365.2 billion roubles.

In addition, the state budget expenditures for the national economy are projected at 1,744.4 billion roubles and for housing and public utilities at 120.1 billion roubles, he said.

While replying to a question about the features of the 2012-2014 federal budget, the committee’s chairman stated that police financial provision will be carried out at the federal level, while several functions will be performed by Russia’s regions.

Moreover, he pointed out to the transition from the budgeted financing to the granting of subsidies to public and non-departmental organisations for the implementation of state orders.

Bushmin also mentioned a decline of insurance payment rates from 34 percent to 30 percent in 2012-2013.


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