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Parliament adjusts parameters of federal budget 2012

May 24, 2012, 1:51 UTC+3
Budget expenditure in 2012 increases by 88.7 billion roubles to 12.745,1 trillion roubles
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MOSCOW, May 24 (Itar-Tass) — The State Duma lower house of the Russian parliament on Wednesday approved a bill adjusting the key parameters of federal budget-2012. The house plans to review the 3rd reading of the document on May 25.

The basic parameters are adjusted by the results of meeting federal budget targets in 2011 and the first quarter of 2012, as well as on the basis of projected results of the country's socio-economic development and budget implementation this year.

According to an adjusted socio-economic development prognosis, Russia's GDP will increase from 58.683 trillion roubles to 60.59 trillion roubles /a 3.4 percent increase, down from the previously projected 3.7 percent/. The price of Urals oil is expected to be at 115 dollars per barrel versus the previous estimate of 100 dollars per barrel.

Wages fund is expected to reach 14.75 trillion roubles versus 14.472 trillion roubles planned before. The consumer price index /inflation/ is unchanged at 5 to 6 percent.

Federal budget revenue in 2012 increases by 897.1 billion roubles, including 808.4 billion roubles of oil and gas review and 88.7 billion roubles of non-oil/gas revenue to 12.677 trillion roubles. Budget deficit is decreased from 1.5 to 0.1 percent of the GDP. Some 500 billion roubles of additional oil and gas revenue are to be used for cutting the volume of internal borrowings, while the rest will be added to the Reserve Fund.

"Our task is to bring the size of the Reserve Fund to the value which will ensure unconditional meeting of federal budget’s expenditure targets within the next there years in case oil prices decrease to 78 dollars per barrel: it approximates 7 percent of the GDP. Then we'll be ready to consider, together with you, the issue of investing part of this fund in infrastructure projects," Finance Minister Anton Siluanov said earlier.

Budget expenditure in 2012 increases by 88.7 billion roubles to 12.745,1 trillion roubles.

Due to additional non-oil/gas revenue and expected saving of 135.6 billion roubles, this money will be used in welfare policies for certain groups of citizens and raising the standard of living, paying salaries to certain groups of employees, launching information technologies, modernization, supplies of new equipment and renovation.

The bill envisions a decrease of the upper limit of government internal debt as of January 1, 2013 to 5.462,1 trillion roubles. The upper limit of the government external debt as of January 1, 2013 increases by 8.1 billion dollars /7.3 billion euros/ to 56.5 billion dollars /41.9 billion euros/. The adjustment is explained by re-calculation of the size of the government external debt as of January 1, 2012 and an increase in the volume of state guarantees in foreign currency in 2012.

Chairman of the State Duma committee on budget and taxes Andrei Makarov, presenting the bill for the 2nd reading, told his colleagues that many issues that had been raised by lawmakers during the 1st reading, were reflected in the amendments.

In all, 18 amendments had been accepted. The themes which are crucial for the budget, were spelled out in a State Duma resolution drawn by representatives of three factions, except A Just Russia faction. The resolution names the priory guidelines to be reflected in presenting the amendments by the results of budget implementation in six months or drawing the budget for the period 2013-2015.

In case of additional revenue in the first half of 2012, the State Duma recommended the government to consider allocating 2.3 billion dollar for social development of rural areas, 275.4 million roubles for renovation of the Tula-based Kremlin and 97 million roubles for the development of St.Petersburg Academic University.

 

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