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Russia Returns To Three-year Budget Planning
April 21, 2016 18:21


Russia returns to three-year budget planning. This was stated by the Prime Minister Dmitry Medvedev delivering the annual report at the State Duma, as TASS reports.

“We return to three-year planning. This gives us a clearer vision of the future” – the agency quotes his words. Medvedev added that adaptation of the economy to the changed reality would be impossible without an effective fiscal policy.

The Prime Minister also told that the government would not amend the budget during the spring session. “We managed to escape the adjustment of the budget for 2016, although at the beginning of the year it seemed inevitable. We will also avoid making amendments to the budget in the spring session”- Dmitry Medvedev stated.

The government refused from three-year budget planning in the autumn of 2015 against the background of the difficult economic situation. The decision was taken due to the inability to make an adequate forecast under the conditions of instability. Russia moved to a long-term budget planning in 2007 when the financial plan for the years 2008-2010 was first approved. According to Aleksei Kudrin, the then finance minister, the three-year budget planning should help to reduce the economy’s dependence on oil and gas. In March 2009 the government temporarily abandoned this scheme and returned to a one-year version.


Author: Anna Dorozhkina


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