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2014 Federal budget plan to be presented to Duma Mon

September 30, 2013, 1:21 UTC+3

Deficit in 2015 is expectes to increase up to one percent of GDP and go down to 0.6 percent in 2016

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Photo ITAR-TASS / Stanislav Krasilnikov

Photo ITAR-TASS / Stanislav Krasilnikov

MOSCOW, September 30 (Itar-Tass) - A draft Federal budget for 2014 and for the 2015-2016 plan period will be presented by the government to the State Duma lower house of the Russian parliament here on Monday.

According to the Budget Code, which determines the procedure for the consideration and adoption of the chief financial document of the country, a draft budget is to be presented in parliament before October 1. "The (draft) budget will be presented to the StateDuma on September 30," Finance Minister Anton Siluanov said earlier.

RF Prime Minister Dmitry Medvedev pointed out in his remarks earlier that the draft budget for the coming three years "turned out to be rather tight". "When preparing it, we proceeded from the real economic situation in our country and in the world, and took into consideration the limits which are connected with the unfavourable situation on the financial and raw materials markets," the prime minister pointed out.

Siluanov said, for his part, "We managed to fit all our expenditure obligations and the main tasks into the parameters of the budget which has been calculatedto in accordance with the budgetary rule."

The budget has been for the first time formed in line with the programme principle, i.e. on the basis of State programmes. In accordance with the bill which was approved at a government meeting on September 19, both the budget for this year and the one for the next three years will be a deficit-ridden one: revenue in 2014 is set to amount to 13.57 trillion roubles while expenditure is to be 13.96 trillion roubles. Next year's deficit is to be 0.39 trillion roubles, or 0.5 percent of GDP, as against 14.06 trillion roubles in revenue and 14.207 trillion roubles in expenditure in the budget for 2013 and that for the plan period, with a deficit of up to one percent of GDP, with a deficit of 143.6 billion roubles.

Deficit in 2015 is expectes to increase up to one percent of GDP and go down to 0.6 percent in 2016.

The draft budget has been drawn up with assumption that the average annual price of oil, calculated according to budgetary rules, will be $93 per barrel in 2014, and $95 in the 2015-2016 period. The oil price, envisaged in a macroeconomic forecast, is set at $101 per barrel in 2014 and at $100 for 2015-2016. An average annual inflation in the formation of the budget was set to be five percent for 2014 and 4.5 percent for 2015-2016,with an average annual rate of the US dollar expected to be 33.4 roubles in 2014, 34.3 roubles in 2015, and 34.9 roubles in 2016.

It is not ruled out that the draft budget will be considered in the first reading by the parliament members on October 22.

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