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IMF welcomes Russia returning to three-year budget in 2017 — report

Reintroducing in the 2017 budget the three-year framework is critical to help reduce policy uncertainty by providing greater clarity over future fiscal measure, saccording to the IMF report

© EPA/JIM LO SCALZO

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MOSCOW, May 19. /TASS/. The International Monetary Fund (IMF) welcomes Russia returning to the three-year budget in 2017, according to the IMF mission statement at the end of the 2016 mission.

"Reintroducing in the 2017 budget the three-year budgeting framework together with a credible fiscal rule is critical to help reduce policy uncertainty by providing greater clarity over future fiscal measures," the statement.

The 2016 budget is fundamentally different from a similar document in 2014. This is a one-year budget, which did not take into account forecast for 2017-2018. At the same time, the budget rule was not used. According to the rule, the maximal level of expenses based on the estimated oil price for three previous years. At the same time, the Russian Finance Ministry has repeatedly stated that in 2016 it could return to planning a three-year budget.

Russia can diversify its economy as a result of a more competitive exchange rate, the report said.

"Russia has the opportunity to diversify its economy as a result of a more competitive exchange rate. However, the macroeconomic recommendations above need to be supplemented with reforms to facilitate the reallocation of resources to the non-energy tradable sector. In this regard, trade integration initiatives to widen the scope of market access for exporters will be important," the report said.

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In November 2014, Russia’s Central Bank completed the transition to the floating exchange rate of the ruble after removing the currency corridor starting November 10, 2014, which had existed in various forms for almost two decades since 1995.

Since the start of 2016 the ruble has been demonstrating the best dynamics compared with the currencies of other developing countries.

"The economic contraction is shallower than previous recessions as the authorities’ economic package - a flexible exchange rate regime, banking sector capital and liquidity injection, limited fiscal stimulus, and regulatory forbearance - cushioned the shocks, helped restore confidence and stabilized the banking system," the report said.

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