Anton Siluanov November 8, senators will introduce amendments to the budget-2017

The Federation Council on Wednesday, 8 November to consider amendments to the current year’s budget, will present the document to the Minister of Finance of the Russian Federation Anton Siluanov.

The law increases the Federal budget revenues in 2017 41.5 billion to 14.72 trillion rubles, including oil and gas — by 25.7 billion, non-oil and gas — by 15.8 billion rubles. Expenses increased by 125.7 billion rubles — to 16,728 trillion rubles.

The budget deficit increased by 84 billion rubles — to 2,008 trillion rubles, or 2.2% of GDP from 2.1%, and the main sources of funding will be government borrowings of the Russian Federation and the Reserve Fund.

The upper limit of the internal debt of the Russian Federation on 1 January 2018 and increased to 9 trillion 276,4 billion 9 trillion 227 billion rubles, the standard value of the Reserve Fund up to 6 trillion 455,7 billion 6 trillion 453,3 billion.

Projected GDP increases up to 92,224 trillion rubles from 92,19 trillion rubles. The forecast rate of inflation falls to 3.2% from 3.8%. The forecast oil prices for 2017 improved to 49.9 per dollar from 45.6 per barrel.

The law gives the government the right to restructure the debts of subjects of the Russian Federation of budgetary credits. The restructuring program is designed for at least 7 years. And participating subjects of the Russian Federation will have the opportunity in 2018-2019 to pay 5% of the principal amount per year, in 2020 — 10%, in 2021-2024 years — to equal shares of 20% each year.

The reserve Fund increased by 7,145 billion rubles — up to 18,773 billion.