MOSCOW, September 20 (RIA Novosti) – The Russian government on Thursday approved the draft budget for 2014-2016, Russian Prime Minister Dmitry Medvedev said.
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 premier said the budget was quite austere, because it is based on the real economic situation in Russia and global markets.
“We will have to cut our expenditures, but not to the detriment of our main plans. Well-thought-out use of funds, a kind of budget rationalism should become obligatory for the whole budget system,” he said.
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One of the main achievements of the 6th BRICS Summit was the signing of an official document on establishing a New Development Bank with a declared capital of $100 billion. The creation of the bank is an important step towards institutionalizing BRICS and strengthening its positions in the world in the long run.