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Russian Government Approves 2014-2016 Budget
25.09.2013 09:04
Russian Government Approves 2014-2016 Budget

The Russian government on Thursday approved the draft budget for 2014-2016, Russian Prime Minister Dmitry Medvedev said. It is now expected to be introduced in Russian Parliament on September 30.

      The budget is based on the Urals oil price of $93 per barrel in 2014 and $95 per barrel in 2015 and 2016.

      According to previously announced figures, the 2014 budget deficit will stand at 391.4 billion rubles ($12.4 billion, 0.5 percent of GDP), with incomes of 13.569 trillion rubles ($428.6 billion) and expenditures of 13.96 trillion rubles ($440.1 billion).

      In 2015, the deficit will more than double and stand at 817 billion rubles ($25.8 billion, 1 percent of GDP), with incomes of 14.545 trillion rubles ($459.3 billion) and expenditures of 15.362 trillion rubles ($485.2 billion).

      The deficit will drop to 485.8 billion rubles ($15.3 billion, 0.6 percent of GDP) in 2016, with incomes at 15.906 trillion rubles ($502.4 billion) and expenditures at 16.392 trillion rubles ($517.7 billion).

      The Prime Minister said the budget was quite austere, because it is based on the real economic situation in Russia and global markets.

      According to Anton Siluanov, the Russian Minister of Finance, the new budget will be complex, with a main goal to secure economic growth under economic stagnation conditions. It is planned to cut expenditure on public purchases and governmental facilities maintenance costs in order to release funds for some priority governmental projects.

Author: Julia Alieva

Tags: Russian Government Russian politics budget Russian economics  

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