Russian President approves state budget for 2017

Read on the website Vestnik Kavkaza

Russian President Vladimir Putin signed the law on the Russia’s federal budget for 2017 and the planned period of 2018-2019. The document was posted on the official website of legal information.

The budget law for the three-year period provides for 2017 revenues of 13.5 trillion rubles ($218.8 bln) and expenses of 16.2 trillion rubles ($262.5 bln). Revenues in 2018 and 2019 are projected as 14 trillion rubles ($226.9 bln) and 14.8 trillion rubles ($240 bln) respectively. Expenses will total 16.04 trillion rubles ($260 bln) in 2018 and 16 trillion rubles ($259.3 bln) in 2019, TASS reports.

Deficit of the federal budget is projected to be 2.8 trillion rubles ($45.4 bln) in 2017, with gradual reduction to 2 trillion rubles ($32.4 bln) in 2018 and 1.1 trillion rubles ($17.8 bln) in 2019.

The budget was drafted on the assumption of the average yearly oil price of $40 a barrel and inflation not above 4% in the planned period.