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Putin approves amendments to Russian budget

July 04, 12:55 UTC+3

Amendments provide for revenues growth by $28.4 bln in 2018

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© Mikhail Metzel/TASS

MOSCOW, July 4. /TASS/. Russian President Vladimir Putin approved amendments to the federal budget for 2018, providing in particular for surplus of 0.5% of GDP. Amendments to the federal budget law for 2018 and the planned period of 2019-2020 passed by the State Duma on June 21 and approved by the Federation Council on June 27 were posted on the Kremlin’s website on Wednesday.

Amendments provide for revenues growth by 1.8 trillion rubles ($28.4 bln) in 2018, particularly on account of oil and gas revenues surge by 1.76 trillion rubles ($27.8 bln) and non-oil-and-gas revenues growth by 59.8 bln rubles ($944.8 mln). Revenues will add 1.7 percentage points versus GDP and will account for 17.4% of GDP.

Budget expenditures will add 61.9 bln rubles ($978 mln) and grow to 16.6 trillion rubles ($262.3 bln) or 16.9% of GDP in 2018. The federal budget will have a surplus of 481.7 bln rubles ($7.6 bln) or 0.5% of GDP.

It was reported earlier that about 162.8 bln rubles ($2.6 bln) will be reallocated this year for priority areas from the budget. Extra funds will be provided for additional capitalization of the Russian Agricultural Bank and Promsvyazbank and support of domestic automakers.

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