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Russian government to submit draft budget to parliament by October 1

September 18, 2014, 12:23 UTC+3
The Russian government used an updated forecast of the country’s social and economic development in the next three years to prepare the budget, Russian Prime Minister Dmitry Medvedev says
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Russian Prime Minister Dmitry Medvedev

Russian Prime Minister Dmitry Medvedev

© ITAR-TASS/Dmitry Astakhov

MOSCOW, September 18. /ITAR-TASS/. The Russian government will submit a draft federal budget for the next three years to the parliament by October 1, Prime Minister Dmitry Medvedev said on Thursday.

Russia’s government had to prepare the budget draft amid adverse economic conditions when the effect of the economy’s slowing growth was further aggravated by the imposition of anti-Russian sanctions, Medvedev told a government meeting.

“We are actually completing this stage of work at the federal level. Under the Budget Code, the budget draft is to be submitted to the State Duma before October 1,” Medvedev said.

The Russian prime minister urged ministers “to be prepared for work in the State Duma and Federation Council committees and factions to safeguard the government’s common position on the budget.”

The Russian government used an updated forecast of the country’s social and economic development in the next three years to prepare the budget, Medvedev said. “As a whole, the parameters we are using in the budget differ considerably from those that laid the basis for the budget for 2014-2016,” Medvedev said. “The (updated) forecast takes into account a number of adverse factors related to a change in the external economic situation, including strong restrictions imposed on access to financial resources and hi-tech equipment supplies,” the premier said.

The Russian government also took into consideration internal factors, such as the slowing economic growth, a contraction in investment and consumer demand, accelerating inflation and persisting capital outflow, the premier said. “The main problem we face today is a high degree of uncertainty over how quickly the business’s confidence and interest in investment will recover, how the consumer market will grow and which steps our partners will take,” Medvedev said.

Russia’s GDP is expected to grow by 0.5% this year and starting from next year “we expect some acceleration to 1.2% and to a further 2.3% in 2016 and 3% in 2017,” Medvedev said.

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