Putin approved the Federal budget for 2016

Putin approved the Federal budget for 2016

MOSCOW, December 15. The President of Russia Vladimir Putin signed the law on the Federal budget for 2016. The document was published on the official portal of legal information.

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Matvienko: the Federal budget for 2016 is strong and will withstand low oil prices

The speaker: the oil prices in the second half of 2016 will return to positive dynamics

The state Duma adopted in the second reading the draft budget for 2016

The budget for 2016 is laid out with revenues of $ 13,738 trillion (17.5 percent of GDP) and expenditure 16,099 trillion rubles (20.5% of GDP). The budget deficit will reach 2.36 trillion, or 3% of GDP, as instructed Putin in the message to the Federal Assembly.

The budget is based on the inflation rate not exceeding 6.4 per cent (December 2016 to December 2015). The GDP is expected to be $ 78 trillion 673 billion. The normative size of the Reserve Fund is planned in the amount of 5 trillion 507 billion.

Medvedev: the budget for 2016 is complicated and reflects the current situation in the country

The draft Federal budget for 2016 is complicated and reflects the current situation in the country, earlier said Russian Prime Minister Dmitry Medvedev at a meeting with leadership of United Russia.

Mandatory conditions very difficult, the budget (next year) are quite complicated, hard, as they say, and reflects the current economic situation in the country

Dmitry Medvedev

He stressed that “the draft budget should reflect the approaches, on the one hand, to solve urgent socio-economic tasks, and on the other hand, (approaches) which are based on optimization of expenses, reduction of a number of inefficient costs and the application of the individual optimization procedures, which are in the draft Federal budget.”

How much will oil cost in 2016.

The demand and the price of oil in 2016 will keep the decline, in some periods the price of oil will fall below $30 per barrel. This was announced by the Russian Finance Minister Anton Siluanov at the meeting in Kazan.

“Over the past year, the international monetary Fund the fourth time revising the Outlook to the downside the global economy, this suggests that demand for oil will also fall.

We see that now large amounts of oil reserves and the yield the following year on the oil market of new players – I mean Iran with capacity 1 – 1,5 million barrels a day, – all the evidence suggests that low oil prices in next year will dominate and it is possible that during certain periods it will be $30 per barrel, maybe less,” – said Siluanov.

Need to prepare for difficult times for us

Anton Siluanov

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Five vectors for growth. Putin outlined the “scope of work” on updating of the Russian economy