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Russian government approves 2015-2017 budget draft

September 18, 2014, 16:53 UTC+3 MOSCOW

In 2015 the budget deficit will reach 0.6% of gross domestic product

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Russia's Finance Minister Anton Siluanov

Russia's Finance Minister Anton Siluanov

© ITAR-TASS/Dmitry Astakhov

MOSCOW, September 18. /ITAR-TASS/. The Russian government has approved a federal budget draft for 2015-2017, Finance Minister Anton Siluanov told reporters Thursday.

Under the draft, in 2015, budget revenue will stand at 15.082 trillion rubles, spending at 15.513 trillion rubles ($389 bln) and deficit will reach 0.6% of gross domestic product (GDP). In 2016, revenue will amount to 15.72 trillion rubles ($406 bln.), spending to 16.20 trillion rubles ($418 bln.), and deficit will remain at 0.6% of GDP. In 2017, revenue will amount to 16.44 trillion rubles ($424 bln.) and spending to 16.98 trillion rubles ($438 bln.).

Spending on the defense sector will rise 21.4% in 2015, while combined spending on education, healthcare and social policy will increase 7.3%. State support of the agriculture industry will be raised by 516 mln. in 2015, Siluanov said.

“All proposals by the Finance Ministry (regarding optimization of the budget) were approved. Except, we will have to negotiate an approval regarding fixed additional payouts to pensions for people who retire now,” Siluanov said, adding that the issue will be discussed by the end of the month.

Siluanov also said that the budget draft does not envisage sales tax introduction.

The government will have a $4.9 bln. anti-crisis reserve in 2015, the minister said.

The Reserve Fund will not be replenished in the bydget draft period and will amount to 3.705 trillion rubles ($95 bln.) by the end of 2017 due to currency fluctuation compared to 3.472 trillion rubles ($96 bln.) expected by the end of 2014. But it may fall by the end of 2017 if there is lack of non-oil and gas revenue, privatization revenue, and external and domestic borrowing.

The National Wealth Fund will rise to $86 bln. by the end of 2017.

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