MOSCOW, 13 Oct — RIA Novosti/Prime. the Government of the Russian Federation at session on Thursday will consider a draft Federal budget for 2017 and for the period 2018-2019, said the press service of the Cabinet.
As said earlier the Finance Minister of Russia Anton Siluanov, the government on 28 October plans to submit the draft main financial document for the next three-year period to the state Duma. Parliament will have to clarify and approve the allocation of funds under budget items, but the basic parameters will remain unchanged.
the Ministry of Finance had set in the draft budget for 2017 forecast GDP in the amount of 86,806 trillion rubles and inflation of 4%, follows from the bill, which was published on the Federal portal of projects of normative legal acts. The Russian budget revenues are projected at 13,437 trillion rubles, expenses — 16,181 trillion rubles. Thus, the deficit is projected to be $ 2,745 trillion rubles, accounting for 3.16% of the GDP.
the Projected GDP in 2018 and 2019 is 92,296 trillion and 98,860 trillion rubles, respectively. The projected revenues of the Federal budget for 2018 is 13,989 trillion rubles, 2019 — 14,825 trillion rubles. The costs will be in 2018 15,978 trillion in 2019 — 15,964 trillion rubles, thus, the projected deficit for 2018 2.15% of GDP in 2019 — 1.15% of GDP.
Thus, the budget expenditures in real terms within three years will be reduced. In this case, the Russian authorities have repeatedly stressed that all social obligations will be funded in full – the appropriate means laid down in the so-called “protected articles”, which are not subject to reduction.
In particular, the draft budget provides indexation of pensions and social obligations on the level of actual inflation of the previous year. This year, according to Finance Ministry forecasts, it is 5.7-5.8% and for the next three years the draft budgeted growth rate of consumer prices at 4% annually. The bill also provides for an increase in public sector wages in accordance with the may decrees of the President of the Russian Federation.
however, in the draft budget for 2017 is not provided for the indexation of the parent capital. It will be next year as in the current, 453 thousand rubles.
the Life of a loan
the Ministry of Finance of the Russian Federation plans in 2017 to spend on financing the budget deficit 1,152 trillion rubles from the Reserve Fund — so it will be completely depleted next year. While in 2017 it is planned to spend 659,6 billion rubles from the national welfare Fund (NWF).
NWF will be used as one of the sources of financing the budget deficit in 2018 and 2019 – the amounts respectively of 1.14 trillion rubles and 137 billion rubles.
the Main source of covering the budget deficit of the Russian Federation in the medium term will be borrowing. The upper limit of the state internal debt of the Russian Federation established in the bill by 1 January 2018 in the amount of 10,352 trillion, external debt – amounting to 53.6 billion, or $ 48,7 billion euros.
the Upper limit of the state internal debt of the Russian Federation on January 1, 2019 was increased to 11,581 trillion rubles, and on January 1, 2020, to 12,788 trillion rubles. The maximum level of external debt on January 1, 2019, set in the amount of 52.8 billion dollars or 48 billion euros, and on January 1, 2020, in the amount of 53.6 billion, or $ 48,7 billion euros.
the following year, the Ministry of Finance has laid increased in comparison with the current year’s maximum amount of external borrowings in the amount of $ 7 billion against $ 3 billion in 2016. However, the draft budget provides for the right of the Ministry of Finance be placed in 2017 Eurobonds for the exchange of other editions totaling up to $ 4 billion. In 2018 and 2019, the limit of external borrowing is limited to 3 billion dollars annually.
Net government domestic borrowing of the Russian Federation in 2017-2019 can be 1.05 trillion rubles annually, which is two times more than the Finance Ministry intends to attract in the current year.
Discussion predictions
At the meeting on Thursday will also discuss the forecast of socio-economic development of the Russian Federation in 2017 and the planning period of 2018 and 2019, the draft guidelines for the single state monetary policy and the draft guidelines for customs and tariff policy for the same period, as well as draft laws on the budgets of pension Fund, mandatory medical insurance Fund and social insurance Fund.
in addition, will discuss the draft guidelines for tax policy in 2017 and the planning period of 2018 and 2019, as well as the draft main directions of budgetary policy for the same period.
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