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Putin to hold session with government on Russia's federal budget for 2016-2018

May 20, 2015, 9:08 UTC+3 MOSCOW

The current budget for 2016 envisages deficit at 1.5%

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MOSCOW, May 20. /TASS/. Russian President Vladimir Putin will hold a session on Wednesday with the government on federal budget in the short-term. Kremlin spokesman Dmitry Peskov said that "the main issue on agenda is targeted forecast of social and economic development in 2016 and in the planned time span 2017-2018."

Russia’s Economic Development Ministry submitted the updated forecast to the government in April, but it still needs further adjustments. According to Finance Minister Anton Siluanov, adjustments will include more conservative assessment of oil prices, more conservative approach to forecasting economic growth and currency rate changes.

The current budget for 2016 envisages revenue at 14,017 trillion rubles, spending at 15,248 trillion rubles and deficit at 1.5% of GDP. The budget for 2017 envisages both revenue and spending at 15.28 trillion rubles and zero deficit.

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