MOSCOW, may 10. /TASS/. The Federal budget surplus in 2018 may be 440,6 billion instead of an earlier projected deficit of 1.27 trillion rubles. This is stated in a Thursday draft amendments to the draft law on the Federal budget for 2018.
As noted in the bill, the Finance Ministry expects a budget surplus in 2018, at the level of 0,45% of GDP instead of a deficit of 1.3% of GDP.
The income budget will be 17,032 trillion rubles against 15,257 trillion previously projected in the law on the Federal budget. Expenses will increase slightly – up to 16,591 trillion rubles 16,529 trillion rubles.
The upper limit of the state internal debt of Russia by 1 January 2019 shall be 10,281 trillion rubles instead of the planned law 10,502 trillion rubles. The upper limit of the state external debt of the Russian Federation as of 1 January 2019 is projected at $61.9 billion, or €49.5 billion (previously $71.6 billion, or €59.7 billion).
Earlier, the head of the Duma Committee on financial market Anatoly Aksakov reported that the budget will be adjusted this year due to the increase in revenues compared to the approved plan. In 2017, the deficit was at the level of 1.4% of GDP, while it was forecast at 2.2% of GDP.
The budget and oil
In the budget law also incorporated the transition in 2018 in the new budget rule. It implies that additional oil and gas revenues earned from oil prices above the fixed rails, will be directed not to the costs, and reserves. The base price for the Urals oil set at $40 per barrel in the price of 2017 and is subject to annual indexation at 2% in 2018.
At current oil prices, the Ministry expects a surplus in the Federal budget of the Russian Federation 1.2% of GDP in 2018. In this case, the national welfare Fund may be directed to 3.5 trillion rubles (about $60 billion at current exchange rates).
With the beginning of 2018, the price of Brent crude rose to date is 11%, exceeding the mark of $74 per barrel – its highest level since November 2014. Amid rising oil prices, the economic development Ministry has proposed to increase the basic forecast average price of Urals to $61,4 per barrel from the previous $43,8 per barrel.