Putin signed amendments to the Federal budget by 2017

Putin signed amendments to the Federal budget by 2017

Moscow. July 2. INTERFAX.RU – the President of Russia Vladimir Putin signed Federal law on amendments to the Federal budget in 2017 and the planned period of 2018-2019, the corresponding document was published Sunday on the official portal of legal information.

The amendments apply only to 2017. Budget revenues increased by 1,191 trillion to 14 trillion 679 billion rubles from 13 trillion 487 billion, increasing the share of oil revenues. Expenditure increases of 361, 8 billion to 16 trillion 602,6 billion with the 16 trillion 240,8 billion.

The deficit will thus amount to 1 trillion 923,8 billion, or 2.1% of GDP. The current budget act provided $ 2 trillion 753,2 billion, or 3.2% of GDP.

According to the law, the government will be able to use 200 billion rubles from the national welfare Fund (NWF) excess provided in document volume in the case of shortfalls in the execution of the Federal budget in 2017 revenues (excluding oil revenues) and sources of financing the Federal budget deficit. Russian Finance Minister Anton Siluanov said earlier that these funds can be used in case of shortfall of dividends of state companies.

The law sets out the projected inflation rate for 2017 at the level of 3.8% instead of 4.0% in its current edition. The forecasted volume of GDP increased to 92,190 trillion rubles 86,806 trillion rubles. Forecast crude oil prices increased to $45,6 $40 per barrel.

The document suggests to increase the normative value of the Reserve Fund up to 6 trillion 453,3 billion with 6 billion and 76.4 billion rubles.

The upper limit of the internal debt of the Russian Federation on January 1, 2018 can be reduced to 9 trillion 227 billion 10 trillion 351.6 billion rubles, that is 1 trillion 124.6 billion rubles.

The upper limit of the state external debt of the Russian Federation on January 1, 2018 it is planned to reduce to $51.8 billion from us $53.6 billion, or $1.8 billion.

An additional 10 billion roubles will be spent on agricultural support, including to Finance a new concessional lending facility, a single subsidy to the entities reimbursed for the direct expenses incurred. Another 25 billion rubles will be spent on additional capitalization of Rosselkhozbank.

In addition, the law redistributes allocations within Mincachesize $ 2.4 billion. “Reallocated appropriations, which were provided for formation of the authorized capital of the Corporation North Caucasus development, the formation of and creating the medical cluster on the territory of the Caucasian Mineral waters, that is, a refinement to the programme of development of the North Caucasus Federal district,” – said Nesterenko.