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Russian government approves amendments to 2016 budget — minister

October 06, 15:03 UTC+3 MOSCOW
The Russian Finance Ministry earlier set a deficit of 3.66% of GDP in amendments to the budget for 2016
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© Vladimir Smirnov/TASS

MOSCOW, October 6. /TASS/. The Russian government has approved amendments to the 2016 budget at a cabinet meeting chaired by Prime Minister Dmitry Medvedev, Natural Resources Minister Sergey Donskoy told reporters.

"It’s been approved," he said. On Thursday, the government considered amendments to the 2016 budget as well as amendments to the Budget Code, prepared by the Finance Ministry "in order to create legal conditions for preparation of the draft law on federal budget for 2017 and the planning period of 2018 and 2019."

Earlier this week, the Finance Ministry set a deficit of 3.66% of GDP in amendments to the budget for 2016.

According to the amendments, the Finance Ministry forecasts growth of budget deficit by more than 670 bln rubles ($10.7 bln) to 3 trillion rubles ($48.02 bln) in the 2016 budget.

The amendments include decrease of budget revenues in 2016 by 370 bln rubles ($5.9 bln) to 13.3 trillion rubles ($213.2 bln) and growth of spending by more than 300 bln rubles ($4.8 bln) to 16.4 trillion rubles ($262.9 bln). GDP assessment for 2016 was increased to 82.815 trillion rubles ($1.33 trillion) from 78.673 trillion rubles ($1.2 trillion), inflation was decreased to 5.8% from 6.4%.

The Ministry’s amendments to the 2016 budget also imply the increase of spending by more than 300 bln rubles ($4.8 bln) to 16.4 trillion rubles ($263 mln) and the decline in revenues by 370 bln rubles ($5.9 bln) to 13.3 trillion rubles ($213 bln).

The draft amendments also incorporated an increase in domestic borrowing from 300 bln rubles ($4.8 bln) to 500 bln rubles ($8.02 bln).

The Cabinet plans to consider the draft budget for the next three-years on October 13 and the Prime Minister will hold the meeting of the budget Commission on Friday, October 7.

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