Prepared by the Ministry of Finance of the Russian Federation amendments to the Federal budget for 2016 that gap increases to 3.03 trillion rubles (3,7%) GDP of 2.36 trillion (3 percent of GDP).
The draft amendments have been published on the Federal portal of draft regulations.
The revenue estimate was reduced by 369 billion rubles, while costs increased by 304 billion.
In addition, the Minister Anton Siluanov has increased the program of internal loans, which are the source of repayment of deficit: net borrowing on the market will amount to 500 billion rubles, compared with 300 billion previously.
From the Reserve Fund to cover budgetary holes, the Ministry of Finance will spend as planned, 2.1 trillion rubles, follows from amendments. Earlier, Finance Minister Anton Siluanov said that the spending from the Reserve Fund will not change in the case of a sale before year-end packages of shares of “Rosneft” and “Bashneft”.
– The real incomes of Russians back in 2009
– Economic development because of claims of the Ministry of Finance will correct the three-year forecast for the ruble exchange rate and inflation
The current budget was calculated based on forecast average oil prices of 50 dollars per barrel, but last year the quotes went down sharply. The Ministry of Finance planned to recalculate the budget based on the price of $ 40. Thus, for the first nine months, the average price of Russian Urals oil stood at 39.9 dollars per barrel.
Earlier on Monday, Anton Siluanov told the news Agency “Interfax”that in the preparation of the draft Federal budget for 2017-2019, the Ministry of Finance sets the inflation rate at 4% annually. In this option, the Agency intends to focus during the preparation of the draft budget.
The economic development Ministry previously estimated in the base case forecast inflation at 4.9% in 2017, 4.4% in 2018 and 4.1% in 2019.
On Friday, Siluanov said that in the draft Federal budget for 2017-2019 takes into account the average rate of 67.5 rubles per dollar, 68.7 rubles per dollar, and 71.1% of the ruble to the dollar. Thus, the basis of budgeted average oil price of $ 40 per barrel annually.
The forecast differs from the forecast, which was prepared by the Ministry of economic development. The baseline scenario of the Ministry, calculated at 40 dollars per barrel and submitted for approval in September, the government assumed average annual rate of 65.5 rubles per dollar in 2017, 65 rubles to the dollar in 2018, and 64.4 rubles per dollar in 2019.
In addition, the Minister announced that the size of the budget deficit in 2016 will have an impact and how will be structured the deal with Bashneft. “If it is structured through “Rosneft” and “Rosneftegaz” it will reduce the budget deficit, because it is through income will come to us. If it is structured like a business transaction, not associated with “Rosneft” that means it will just be a source of deficit financing”, – said the Minister of Finance.
Basically, according to him, amendments to the current budget will take into account the reduction of limits by 10%, increase subsidies to the Pension Fund of the Russian Federation more than 200 billion rubles due to the fact that the income of the FIU has decreased.
Spending the Reserve Fund, according to Siluanov, in the current year compared to the plan will not change: “How were 2.1 trillion rubles, so they remain.”