The finalized draft budget 2016 will be presented to the government of the Russian Federation on 14 October

MOSCOW, October 10. The government has largely endorsed the draft Federal budget for 2016. This is stated in the materials published on the website of the Cabinet.

The finalized draft of the budget, as well as other documents and materials, introducing in the state Duma budget legislation of the Russian Federation, will be presented to the government on 14 October 2015.

According to the Ministry of Finance prepared the draft budget, revenues of the Russian Federation is planned at the level 13,58 trillion rubles, expenses – 15,78 trillion rubles, accordingly, the budget deficit will be at the level of 2.18 trillion rubles, or 2.8% of GDP. The budget projected a GDP of $ 78,673 trillion rubles and the inflation rate not exceeding 6.4 per cent.

The budget for 2016 is fundamentally different from a similar document that was drafted in 2014. Next year, the government draws up the annual budget, not reviewing the forecast 2017-2018. Also for next year cancelled the effect of budget rules, according to which the maximum level of expenditure shall be determined based on the average over the previous three years the price of oil.