“Vedomosti” reported on the possible adoption of the annual budget by 2017

“Vedomosti” reported on the possible adoption of the annual budget by 2017

Moscow. 26 Aug. The next budget, the government of the Russian Federation may prepare as an annual – only for 2017, said Friday “Vedomosti” with reference to the three Federal officials of different departments. As one put it, on the three-year plan see all problems of reducing the budget by 2017, with the deficit that the Finance Ministry proposes (3,2%), is almost impossible. Another official adds that the budget was realistic, it should be taken into account decisions on taxes, even if they are taken after 2018, pension system, and now they are not and there is no certainty. A third official said that also interfere with elections, the newspaper said.

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In April in the state Duma, Prime Minister Dmitry Medvedev stated that “we need to go back to a three-year plan, it gives us a clearer vision”. However, in August, he noted that the 2016 budget may be short of 1.5 trillion rubles of revenue, the newspaper notes.

“Vedomosti” cited the opinion of one Federal official, who noted that in 2017, the revenues may be even less than this. Costs, the government decided to freeze – 15,787 trillion (which will lead to a reduction in real terms) and to reduce by five percent the unprotected budget is about 250 billion.

Also, the publication adds that due to jumps in oil prices in 2015, the government has drafted the budget without budget rules and only in 2016. Along with the annual budget of the Ministry of Finance in October 2015 in the state Duma introduced a draft budget forecast up to 2030.

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Still discussed it, the three-year budget, but recently had the idea to write the annual budget for another year, recognizes “Vedomosti” a senior official. In his opinion, this is necessary because of the very large uncertainties, it is difficult to plan the budget for the next three years, because it will be executed outside of the election cycle, it is unknown what decisions the income and expenditure will be accepted.

The three-year budget would have looked like a refinement of the indicators for 2017-2018, if last year it was adopted, but this did not happen and there is nothing to clarify, concludes the source, “Vedomosti”: it is better not to get tied up in numbers.

However, the newspaper notes, such a discussion is not conducted, says a representative of the Ministry of Finance. According to him, the Ministry is working on a three-year draft budget. All workshops on the budget and all documents prepared in 2017-2019, said a spokesman for Prime Minister Natalia Timakova. Officially not yet, but the theme sounded at the meeting, said to “Vedomosti” official financial-economic bloc.

In July, the Russian government generally approved limit for the size of budget expenditures for 2017-2019. The budget deficit in 2017 is planned at the level of 3.2% of GDP in 2018 and 2.2% of GDP in 2019 and 1.2% of GDP. The parameters for all the three years is calculated from the price of oil at $40 a barrel.

Spending budget in 2017 is fixed at the nominal cost of 2016 15,785 trillion rubles.

The government of the Russian Federation in 2015 temporarily abandoned the development of three-year budget has been prepared only for 2016.