Russian Prime Minister Dmitry Medvedev has confirmed the intention of the Cabinet to switch over to annual state budget planning, Minister of Finance Anton Siluanov informed earlier. According to him, this is connected with the uncertainty of future prices for oil and gas, as well as the volatility of the ruble.
"There are big risks. Therefore, we want to appeal to the deputies of the State Duma to use a one-year budget cycle. Yesterday I instructed our colleagues from the ministries,’’ he said.
The director of the Centre for Research on Regional Reforms of the Institute of Applied Economic Research (IPEA) RANHiGS, Alexander Deryugin, in an interview with a correspondent of Vestnik Kavkaza compared the annual budget to the intention to live for ‘‘one day." "Today we have a balanced budget, we make some decisions, and perform tasks. We will look at the facts in the new budget cycle according to the results of the next year," he said.
The expert recalled that until 2008 the budget was annual in Russia in order to guarantee fulfillment of state obligations. "Meanwhile, the medium-term fiscal plan allows us to understand better how long-term priorities of the strategic economic development will bу implemented and how they will be financially supported. In addition, the medium-term planning allows us to assess the risks of taking certain decisions better. So that the transition to a three-year budget was a step aimed at a prognosis of financial consequences," Deryugin said.
According to him, the duration of the practice of the annual budget will depend on the long-term strategy of the government. "If the fiscal policy won’t be aimed at reducing costs and the budget constraints are soft, then the annual plan may last a long time. If it is decided that the budget constraints are harder, the budget rules are tougher, and the costs are reduced, then it will be possible to return to three-year budget planning. In addition, there are oil prices: again, if they grow, we will be able to return to a three-year budget faster," Alexander Deryugin noted.
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