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RUSSIA'S ECONOMY

State Duma will review draft budget for 2016 in second reading

Spending will stand at 16.1 trillion rubles ($250 billion), revenues - at 13.7 trillion ($210 billion), and budget deficit - at 3% GDP

MOSCOW, December 2. /TASS/. The Russian State Duma will review the draft budget for 2016 in the second reading at Wednesday’s plenary session. The draft law approved in the first reading on November 13 was amended in accordance with proposals from parliamentary factions. Spending has not been increased but financing for socially important projects has been significantly boosted along with several other spheres.

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One of the main amendments concerns providing state loans to Russia’s regions. It states that next year Russia’s federal subjects will receive up to 310 billion rubles of loans instead of 140 billion rubles outlined in the first reading. Authors of the amendment, with Federation Council Speaker Valentina Matviyenko and State Duma Speaker Sergey Naryshkin among them, proposed to extend opportunities for providing loans to regions in 2016. "Money may be used to partially cover for federal subjects’ budget deficit, cover for temporary cash shortages that arise during budget execution, as well as to implement measures connected with providing disaster relief after natural disasters and technological accidents," the text of the draft law for the second reading says.

Moreover, the Committee on Budget recommended to add in the second reading the following - 50 billion rubles for construction and repair works at schools, 43 billion rubles for projects in Crimea, 9 billion rubles for supporting agriculture, and 15 billion rubles for financing science.

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The third reading of the draft law on budget for 2016 will take place on December 4.

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.

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Russians not let to Turkish Airlines flights to Mexico due to US pressure on it — diplomat

Sergey Ryabkov noted that such problems exist for Russians using Turkish Airlines flights to other Latin American countries

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Ukrainian army strikes own surrendering soldiers — POW

Andrey Babenko said that after a crash course in Britain he had been sent to the frontline near Liman

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Yury Chikhanchin pointed out that the perpetrators of the attack were provided with money, weapons, transportation and ammunition

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Maria Zakharova pointed to media reports, according to which Ukrainian embassies in a number of countries are openly campaigning local citizens to join the so-called International Legion of Ukrainian Territorial Defense

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Armenian police arrests people protesting against demarcation with Azerbaijan

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Ukrainian army short about 150,000-200,000 troops, says Polish general

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The Russian forces improved their frontline positions and inflicted casualties on five Ukrainian army brigades in the Donetsk area over the past day, the Defense Ministry reported

Putin calls on large businesses to traditionally take part in SPIEF this year

The 27th St. Petersburg International Economic Forum will be held on June 5-8

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Mikhail Bogdanov noted that "the African continent is a dynamically developing part of the world with an enormous growth potential, attractive domestic market and expanding export prospects"

IN BRIEF: Russian deputy defense minister, entrepreneur arrested for taking bribes

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Kiev may use ATACMS missiles to hit Crimean Bridge — Russian defense ministry official

Russian military will do its utmost to repel such attacks, Apty Alaudinov said

Release of new tranche for war to Ukraine by US escalation factor — Lukashenko

"The fact that ATACMS long-range missiles were financed is very dangerous," the Belarusian president noted

Better situation for peace in Ukraine, threats to Belarus: new statements by Lukashenko

The head of state accused Washington of preparing a "Belarusian liberation army" and reiterated Minsk's readiness to "defend its country"

European Parliament urges EU states to regard Russian presidential vote as illegitimate

The resolution passed in a 493-11 vote, with 18 abstentions

Press review: NATO flexes muscles near Russian border and South China Sea runs hot

Top stories from the Russian press on Wednesday, April 24th

Staff shortage cannot be covered by labor migration — Putin

Labor productivity requires a significant increase in all sectors of the economy, the President stressed

AUKUS expansion to turn Asia-Pacific region into 'nuclear minefield' — news agency

According to the report, "the danger of Japan's participation in AUKUS is making the whole international community tense, not to mention the regional countries"

Russia’s victory in Ukraine to change course of history in Europe — von der Leyen

Ukraine "is carrying a heavy burden" for the benefit of the EU, and therefore EU member states must "provide Ukraine with means to defend themselves," European Commission president said

Transfer of US ATACMS missiles to Ukraine cannot be justified — Russian ambassador

"Neither these missiles nor other weapons can help defeat the Russian Federation," Anatoly Antonov said

No response from West to killing of Izvestia war reporter Eremin — diplomat

The Russian war correspondent died of wounds suffered from a strike by a Ukrainian FPV drone on April 19

Ukraine exhausted, needs constant money flow from outside — defense official

Apty Alaudinov added that if the Ukrainian army received long-range weapons, it might try to attack Russia's civilian infrastructure due to its powerlessness on the front

Stockmann company to buy Russian business of Hugo Boss — Industry Ministry

All the existing Hugo Boss stores will be reopened in July - August 2024, Russian Deputy Minister of Industry and Trade Viktor Evtukhov said

US stops hiding true purpose of sanctions on Moscow, Russian envoy says

"It’s not about any mythical aspirations to resolve the conflict in Ukraine, but about banal opportunistic and predatory ambitions," Anatoly Antonov said

Russia ready to cooperate with all interested partners to ensure security — Putin

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Russian court arrests in absentia four foreign agents charged with terrorism

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ATACMS shipment proves ‘Zelensky’s formula’ needed in US as ‘smoke and mirrors’ — diplomat

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Kremlin vows to resolve situation with Turkish Airlines refusing service to Russians

Russia has "very constructive and friendly relations" with Turkey, Dmitry Peskov stressed

Israel destroys no more than 20% of Hamas's fighting capacity — top political official

Khalil al-Hayya said that Hamas would like to see "a fully sovereign Palestinian state in the West Bank and Gaza Strip and the return of Palestinian refugees in accordance with the international resolutions"

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Russia presents world’s first hydrogen-fueled luxury car at Innoprom exhibition

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West bends sanctions rules when it suits them — Kremlin

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Russian court blocks JPMorgan’s funds in VTB lawsuit

The court also blocked any securities held by JPMorgan’s entities in Russia

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Russian Embassy to Austria denied participation in ceremony at Nazi concentration camp

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Russia says its battlegroup West seized better positions

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