Russian President Dmitry Medvedev will present the Budget for 2012-2014 on June 29, Arkady Dvorkovich told reporters on Monday, RIA Novosti reports.
According to the Budget Code, the budget message to the Federal Assembly is an essential element of the preparation procedure of the federal budget. The Budget message sets the strategic short-term orientation of the fiscal policy, consistent with overall goals and objectives of the governmental economic policies, which define the medium-term budget planning and draft the federal budget for next year.
A previously calculated budget deficit for 2011 has been reduced down to 1.3% of GDP from the previous estimate of 3.6% of GDP on the back of high oil prices. In the first five months of the year the budget showed a surplus of 1.8% of GDP.
