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Russia's State Duma to review draft budget for 2016

November 13, 2015, 10:11 UTC+3 MOSCOW

The draft budget will be the toughest and most uncompromising in the last decade

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© Artyom Korotayev/TASS

MOSCOW, November 13. /TASS/. The Russian State Duma will review the budget for 2016 in the first reading today. The draft budget will be the toughest and most uncompromising in the last decade. Deputies have repeatedly said they will debate many provisions in the draft law.

Spending will stand at 16.1 trillion rubles ($250 billion), revenues - at 13.7 trillion ($210 billion), and budget deficit - at 3% GDP. According to the basic forecast for 2016, the GDP growth will stand at 0.7% next year, inflation - at 6.4%, and average oil price - at $50 per barrel. The average yearly currency rate is estimated at around 63.3. rubles per one dollar.

The draft budget for 2016 is principally different from the document prepared in 2014. The government is forming a one-year budget for next year without considering forecasts for 2017-2018. Next year a budget rule will be cancelled that defines maximum spending in accordance with the average oil price over the last three years. The main source of financing the budget deficit will be the Reserve Fund, and the government plans to spend 2.137 trillion rubles ($33 billion) for covering the deficit.

In 2016 investment at external and domestic financial markets is expected at 393.2 billion rubles ($6 billion). The volume of net domestic government borrowings is estimated at 300 billion rubles ($.58 billion). Possibilities of net investment on the international market are expected at around $1.5 billion.

A Just Russia party and LDPR (Liberal Democratic Party of Russia) have said they will vote against the draft law, while the document is also criticized by the United Russia party and Communist Party.

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