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Russian govt to determine key parameters of budget for 2013-2015

September 20, 2012, 7:03 UTC+3
Other issues on the agenda include the preparation of the World Cup 2018, ratification of the protocol to the agreement with Luxembourg on the avoidance of double taxation
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MOSCOW, September 20 (Itar-Tass) —— The Russian government chaired by Prime Minister Dmitry Medvedev will convene on Thursday, September 20, to consider several key financial documents: the forecast of socioeconomic development in 2013-2015, the main guidelines for credit and monetary policy and the budget for the next three years.

Finance Minister Anton Siluanov said the main parameters of the draft federal budget would not change.

“On the whole, the budget will not change its nature and all of its parameters will remain as they were proposed by the Finance Ministry,” he said.

The federal budget deficit in Russia will be 0.8 percent of GDP in 2013 and 0.2 percent in 2014, Siluanov said.

He said Russia will have “a virtually deficit-free budget” in 2015.

The non-oil and gas deficit will decrease from 10.7 percent to 9.7 percent of GDP in 2013; to 8.7 percent in 2014 and 8.5 percent in 2015.

Siluanov recalled that the budget had been drafted in accordance with the budget rule and was based on the oil price of 91 U.S. dollars per barrel in 2013; 92 U.S. dollars in 2014 and 93 U.S. dollars in 2015.

Federal budget revenues in 2013 are projected at 12,865.9 billion roubles and expenditures at 12,387.3 billion roubles.

The upper limit for the state internal debt will be 4.569 trillion roubles as of January 1, 2014 and for the state foreign debt 66.2 billion U.S. dollars (53 billion euros).

The main parameters of the budget are based on the projected GDP of 66.515 trillion roubles and inflation of no more than 5 percent.

In 2014, federal budget revenues are expected to be 14,063.4 billion roubles and expenditures 14,205 billion roubles. The upper limit for the state internal debt will be 7.5 trillion roubles as of January 1, 2015 and for the state foreign debt 75.8 billion U.S. dollars (60.6 billion euros).

In 2015, federal budget revenues are projected at 15,695.5 billion roubles and expenditures 15,706.3 billion roubles. The upper limit for the state internal debt will be 8.1 trillion roubles as of January 1, 2016 and for the state foreign debt 83.8 billion U.S. dollars (67 billion euros).

The Labour Ministry will inform the government about funding for off-budget funds in the next three years.

The Mandatory Health Insurance Fund will increase by 1.054 trillion roubles in 2013, by 1.2 trillion roubles in 2014 and by 1.44 trillion roubles in 2015.

The Pension Fund’s revenues will grow from 5.76 trillion roubles in 2013 to 7.78 trillion roubles in 2015.

The Social Insurance Fund will increase its revenue from 590 billion roubles to 720 billion roubles.

The government will also raise the minimum wage to 5,205 roubles in 2013, an increase of 12.9 percent from the current level.

Other issues on the agenda include the preparation of the World Cup 2018, ratification of the protocol to the agreement with Luxembourg on the avoidance of double taxation, approval of rules of subsidies to regions for the purchase of means of public transport made in the Common Economic Space , and distribution of budget transfers among regions for payment of stipends to modernisation and technological development students.

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