In the Duma introduced a draft budget with a deficit of 0.6% of GDP – BBC Russian

In the Duma introduced a draft budget with a deficit of 0.6% of GDP – BBC Russian

• September 30, 2014
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had to work on the budget in difficult circumstances, Medvedev said

The Russian government has submitted to the State Duma a draft federal budget for 2015-2017 years.

According to the headnote, the deficit for all three years laid down in the amount of 0.6 % of GDP. So, next year it will be 430.7 billion rubles ($ 11 billion) in 2016 – 476.3 billion rubles, and in 2017 – 540.9 billion rubles.

According to the forecasts of Economic Development, Russia’s economic growth this year will be 0.5%, and in 2015 – 1,2%.

Earlier, the head of the Ministry of Finance of the Russian Anton Siluanov told that the budget was calculated based on an oil price of 90 dollars per barrel.

The average dollar exchange rate at the same time could reach 37.7 rubles.

The deficit is more than originally planned, but he was removed to reduce the expense of social spending, in particular, the extension of a moratorium on the payment of funded pensions of citizens in 2015.

Freeze pension savings in 2015 save for the budget of 309 billion rubles.

Another 140 billion rubles to the budget will borrow from the Fund of obligatory medical insurance and the Social Security Fund.

Dmitry Bulin economic commentator Russian service Bi-bi-si:

If last year when the budget was imposed in 2014 (more precisely, the planning period of 2014-2015), the government does not hide the fact that the budget is not easy, but this year, given the sanctions, it is even more difficult.

“For the first time to work on the project had a three-year budget in such difficult circumstances, when the economic slowdown exacerbated by the imposition of sanctions in respect of certain sectors of our economy, “- declared at a meeting of the Government on 18 September, Prime Minister Dmitry Medvedev.

It is necessary to add more and Crimea: almost two million population of the peninsula, whose incomes must be brought to the level of the all-Russian; outdated infrastructure, which needs to be updated; as well as the need to build a bridge that would link the Crimea with the neighboring Krasnodar region.

At the same time say that the project made by the Government to the State Duma, has surpassed the negative expectations, too impossible. Deficit for all three years is deemed to be 0.6% of GDP. This year, the planned deficit – 0.5% of GDP. Despite the fact that the threshold of stability experts say 6 percent deficit, and in the midst of the economic crisis of 2008-2009, the “minus” of the federal budget reached almost 10%.

It is important to note that the government is almost at the last moment decided to not replenish the treasury by the introduction of the sales tax and waived the alternative scenario – the VAT increase. Instead, the main source of compliance with the budget balance should be “freezing” contributions to the funded part of pensions in 2015. In fact it is its extension for another year because the funded part of not being in 2014.