MOSCOW, October 19. /TASS/. The State Duma, the lower house of the Russian parliament, approved in the first reading the bill stipulating peculiarities of using the National Wealth Fund (NWF) resources in the budgeting process and the updated fiscal rule.
The document initiated by the Russian Government introduces amendments to the national Budgetary Code.
"The updated structure of ‘fiscal rules’ will keep basic principles of expenses’ balance and use of windfall rent incomes in adverse periods, will make possible to provide support of the economy during the adaptation period with preserved confidence in the macroeconomic policy pursued," the explanatory note reads.
The draft law suggests fixing the amount of base oil and gas revenues in 2023-2025 in absolute terms at the level of eight trillion rubles ($129.2 bln) with the subsequent annual readjustment by 4%, starting from 2026. Such amount of base oil and gas revenues is generally in line with moderately conservative assessments of the environment with the stable exchange rate of the ruble in the range of 65-75 rubles per dollar, the government said.