The Russian Finance Ministry has prepared a draft 2016 budget with a deficit amounting to 3.034 trillion rubles, or 3.66% of the gross domestic product (GDP).
Nominal spending was increased by 304 billion rubles to 16.403 trillion rubles and revenue was cut by 370 billion rubles to 13.369 trillion rubles.
The Finance Ministry worsened its budget deficit outlook on September 30 to 3.5–3.7% of GDP from 3% of GDP.
In the draft, the ministry raised the limit of domestic debt by 1.05 trillion rubles to 9.867 trillion rubles, of which the net domestic market borrowing limit was increased to 500 billion rubles from 300 billion rubles, PRIME reports.
