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Russian government to submit three-year budget to parliament on Tuesday

September 29, 2014, 12:47 UTC+3
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MOSOW, September 29. /ITAR-TASS/. The Russian government will submit a draft federal budget for the next three years to the State Duma lon Tuesday, the State Duma Committee for Taxes and Levies said on Monday.

The Russian government approved the draft federal budget for the next three years on September 18. The federal budget for 2015 envisages revenues at 15.082 trillion rubles ($381.8 billion) and expenditures at 15.513 trillion rubles ($392.7 billion) with a budget deficit of 431 billion rubles ($10.9 billion), or 0.6% of the country’s GDP.

Russia’s oil wealth Reserve Fund set up to cushion the federal budget against a plunge in world oil prices is expected to reach 5.42 trillion rubles ($137 billion) in 2015 while the upper limit of state internal debt is set at 7.42 trillion rubles ($187.8 billion) as of January 1, 2016, and state external debt at $64 billion or €49.2 billion.

The draft federal budget for 2016 expects revenues at 15.72 trillion rubles ($397.9 billion) and expenditures at 16.2 trillion rubles ($410 billion) with a budget deficit rising to 477.7 billion rubles ($12 billion), or 0.6% of the country’s GDP.

The federal budget’s projections for 2017 envisage revenues at 16.44 trillion rubles ($416.2 billion) and expenditures at 16.98 trillion rubles ($429.8 billion) with a budget deficit growing to 544.4 trillion rubles ($13.8 billion) or 0.6% of the country’s GDP.

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