Putin signed the law on the Federal budget for 2016

Putin signed the law on the Federal budget for 2016

The document envisages a budget deficit of 3% of GDP. The income 13,738 trillion rubles, expenses – 16,099 trillion rubles.

MOSCOW, Dec 15. The President of Russia Vladimir Putin signed the law on the Federal budget for 2016. The document posted Tuesday on the official Internet portal of legal information.

The budget was adopted only in 2016 instead of the traditional three-year period due to the high volatility of financial and commodity markets. The income 13,738 trillion rubles, expenses — 16,099 trillion rubles. The budget deficit will be at 2.36 trillion rubles, or 3% of GDP.

Document drawn up on the basis of inflation in 2016 is not above the 6.4% average annual price for Urals oil at $ 50 per barrel. GDP is expected to 78,673 trillion rubles.

The upper limit of the internal debt on January 1, 2017 set to 8,818 trillion rubles, foreign national debt — 55,1 billion, or 50.1 billion euros. Volume of pure attraction of means at the expense of state internal borrowings in 2016 it is planned 300 billion rubles (placement minus repayment), at the expense of external loans — 1,472 billion. Bonds denominated in foreign currency, is expected to post $ 3 billion, but the coming and redemption of Eurobonds and other external debt.

In accordance with the document, is permitted to issue bonds denominated in yuan on the Moscow stock exchange.

Projected Reserve Fund at the beginning of 2016 — 3.4 trillion rubles at the end of the year — a little more than 1 trillion rubles. The Outlook on the sovereign wealth Fund at 4.9 trillion rubles on January 1, and of 4.66 trillion rubles at the end of the year.

In the budget law fixed a mandatory indexation of pensions in 2016 by 4%. The government of the Russian Federation taking into account the situation prevailing in the economy and the social sector, is entitled to submit to the Parliament a bill on additional indexation of pensions.

The size of the parent capital in 2016 will amount to 453 thousand rubles, i.e. will remain at the level of 2015. The budget law include interbudgetary transfers to the budget of the Pension Fund of Russia (PFR) in the amount of 3.18 billion rubles.

In 2016 the subjects of the Russian Federation will provide up to 310 billion rubles of budgetary credits to partially cover deficits in their budgets, for covering temporary cash gaps, as well as for activities connected with liquidation of consequences of natural disasters and technogenic accidents. Out of the total 240 billion rubles should be sent to the regions in January-February 2016. The fee for use of these credits is established in the amount of 0,1% per annum.

About 43 billion rubles are directed to support the programs of the Crimea and Sevastopol, including to balance their budgets (about 20 billion rubles), construction of the Crimean railway (6.8 billion rubles).