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Russian premier signs resolution on 2016 federal budget

January 02, 16:03 UTC+3 MOSCOW
The document stipulates a common procedure for providing federal subsidies, grants and other purposeful inter-budgetary transfers to the budgets of Russian regions
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MOSCOW, January 2. /TASS/. Russian Prime Minister Dmitry Medvedev has signed a government resolution on the 2016 federal budget, the government’s web site reported on Saturday.

The resolution is necessary for the government to start implementing the 2016 federal budget, the government’s web site said.

The document stipulates a common procedure for providing federal subsidies, grants and other purposeful inter-budgetary transfers to the budgets of Russian regions.

The government resolution also sets common requirements for the procedure of providing federal budget subsidies to legal entities from among the producers of goods, works and services, as well as to government corporations and other entities.

Russia’s federal budget projects revenues of 13.738 trillion rubles (about $196 billion) and expenditures of 16.099 trillion rubles ($229.9 billion) with a budget deficit of 2.36 trillion rubles ($33.9 billion) or 3% of GDP.

The 2016 budget is based on the inflation rate of no more than 6.4% (December 2016 on December 2015). Russia’s GDP is projected at 78.673 trillion rubles ($1.12 trillion) in 2016.

Russia’s Reserve Fund established to cushion the budget against a plunge in oil prices is projected at the level of 5.5 trillion rubles ($78.7 billion) this year.

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