MOSCOW, October 20. Expenditures of the budgetary system of the Russian Federation on the national economy in 2016 will increase by 11.7% and amount to 4 trillion 102,7 billion rubles. Such information is prepared by the Ministry of Finance clarified Main directions of the budget policy for the years 2016-2018, which are available to.
As also noted in the document, the expenditure on the national economy will grow 0.2 percentage point of GDP to 5.2%.
Section “national economy” takes the second place in terms of expenditure after social policy and includes expenditure on infrastructure development, supporting economic growth and diversification of the economic structure.
The Ministry of Finance intends to reduce the budget deficit of the Russian Federation in 2017 to 2%, in 2018 – up to 1% of GDP
The Ministry of Finance intends to reduce the budget deficit in 2017 to 2% of GDP, in 2018 – up to 1% of GDP. Such information is prepared by the Ministry of Finance clarified Main directions of the budget policy for the years 2016-2018, stated in the document.
This solution is necessary to ensure the sustainability of the Federal budget, the document says.
As noted in the document, it is also necessary to reduce the non-oil deficit to 8.0% of GDP in 2018. “The achievement of these parameters will allow to provide conditions for the sustainability of the Federal budget and the budget system in General in the long term”, – assured the Ministry of Finance.
Net attraction of domestic borrowing in 2016 will amount to 300 billion rubles
Net attraction of domestic borrowing in 2016 will amount to 300 billion rubles. Such information is prepared by the Ministry of Finance clarified Main directions of the budget policy in the years 2016-2018.
The net raising of funds on the external market is expected to reach $ 1.5 billion.
The total net attraction to domestic and foreign markets – 393,2 billion rubles.
Previously submitted the draft law on budget for 2016 included the net domestic borrowing to 500 billion rubles, and foreign – 1,686 billion.
In 2017 – 2018 net raising funds in domestic and foreign financial markets could rise to 900 billion roubles in 2017 and up to 770 billion roubles in 2018, with prospects of external borrowings are estimated at 3.5 and 2.1 billion dollars respectively.
As noted in the documents, despite the increased government borrowing, the debt burden on the Federal budget would remain within, allowing timely and fully perform its obligations on repayment and servicing of the public debt of the Russian Federation, and its volume will remain at a relatively safe level. In 2018 planned volume of the state debt of the Russian Federation will not exceed 17% of GDP. The structure of government borrowing will increase the share of domestic government debt – with 69,7% in 2015 to about 74.0 per cent in 2018.
Lack of effectiveness of investment projects of state-owned companies leads to risks of growth of tariffs
According to the document, the lack of efficiency of the investment projects of state-owned companies leads to risks of growth of tariffs. Such information is prepared by the Ministry of Finance clarified main directions of the budget policy for 2016-2018,
“The lack of control over the cost and inefficiency of current investment projects increase the risk of growth of tariffs of natural monopolies on the General producer price index (excluding oil and gas sector), which in turn entails the redistribution of profits of the corporate sector in favor of such companies”, – the document says.
In addition, companies with state participation are the biggest consumers in the economy scarce labor and financial resources.
The annual return to external debt markets
Office in the medium term plans the annual return to external debt markets.
“In the medium term it is planned to return to the annual practice of raising funds on the international capital market in limited volumes based on existing demand and current market conditions”, – the document says.