Financial calculation: the Federation Council has approved the draft Federal budget for three gadacemata link
16:22

Vladimir Agoev,
Vladislav Ivanov
Monday, November 25, the Federation Council approved the draft budget for the years 2020-2022. As expected, over the next three years, the revenues of the state Treasury will exceed the costs. About 7 trillion rubles, the authorities plan to guide the implementation of national projects. Thus the considerable part of means will go on financing of the social sector. According to experts, the effective implementation of the budget should lead to growth of incomes of Russians, strengthening of industry and services, while accelerating the country’s economy.

  • © Konstantin Kokoshkin/Global Look Press

Monday, November 25, the Federation Council approved the draft law «On the Federal budget for the year 2020 and the planning period of 2021 and 2022». As follows from the document, the projected income budget approved at the level 20,379 trillion rubles in 2020, 21,247 trillion in 2021-m 22,058 trillion in 2022-m.

Budget spending will increase throughout the three-year period. Expected in 2020, spending of the state Treasury will amount to 19.5 trillion in 2021-m — 20,63 trillion rubles, and in 2022 reached 21,763 trillion rubles.

Thus, over the next three years, the revenues of the state Treasury will exceed the costs. Under the bill, in 2020, the budget surplus will amount to 0.8% of GDP (876 billion rubles). In 2021-m — 0.5% of GDP (612 billion), and in 2022-m — 0.2% of GDP (295 billion).

«The budget surplus allows you to replenish foreign exchange reserves and reduce public debt. There are additional funds that can be allocated for the implementation of national projects or, for example, if necessary, to send important areas like the indexation of pensions or inhibit the growth of certain tax revenues,» — said in a conversation with RT, the Director of the office of sales «BCS» Vyacheslav Abramov.

Moreover, the budget surplus has a positive effect on the inflow of foreign investment, said the expert of the Academy of management Finance and investment Gennady Nikolaev.

«Now the attention of foreign investors are attracted to Russian assets that have relatively high yields. At the same time maintaining stability in the economy, which is evidenced by a budget surplus and low level of debt, distinguishes Russia from the developing countries», — said the interlocutor of RT.

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It is noteworthy that in the approved draft budget oil price set at the level of $42.2 per barrel of raw materials of the Urals. Thus, according to the forecast of Ministry of economic development, from 2020 to 2021 the average level of quotations will remain much higher — in the range of $55-57 per barrel.

«The budget has laid quite cautious projections of oil prices, with stock. This is to ensure that even in the case of a sharp decline in oil prices to $42 per barrel, the budget was still in surplus. If the oil will cost more, and there is no reason to believe that it will fall to this level, it is likely that the actual budget revenues will be higher», — has explained in conversation with RT analyst CC «Finam» Alexey Korenev.

We will remind, in the budgetary rules while the Russian oil brand Urals is trading above $42, 2 obtained from the sale of surplus directed to the national welfare Fund (NWF). According to the draft budget, in 2020 the volume of SWFs increased from 8.2 trillion to 11.1 trillion in 2021-m to 13.7 trillion in 2022-m — to 16.2 trillion.

Social vector

As previously stated the Prime Minister of Russia Dmitry Medvedev, the bulk of the cost of the three-year budget will be spent on the social sphere. For example, funding for health will increase to record levels over the past 15 years — more than 50%. While spending on education and improving demographics will increase by 20%.

«In the preparation of the budget came from the fact that it needs to be socially oriented is important. The money that goes to social support for the development of education, health, culture, remains the main budget expenditure part», — said the head of the Cabinet.

Financing of social sphere will be held within the framework of national projects. So, in 2020 the implementation of the goals set by the President is planned to allocate 2 trillion rubles. In 2021, the amount will increase to 2.2 trillion, and 2022 would be $ 2.7 trillion. As previously stated Vladimir Putin, the implementation of national projects should lead to acceleration in growth of Russia’s GDP to 3% in 2021.

«Efficient spending should lead to an increase in Russians’ incomes and strengthening consumer demand that will invariably provoke the growth of industrial production and volume of services provided. In the end, we get the required GDP growth», — said Alexey Korenev.

  • The meeting of Prime Minister of the Russian Federation with Deputy Prime Ministers
  • © Ekaterina Shtukina/RIA Novosti

New expectations

During the meeting, the Federation Council also approved amendments to the Federal budget by 2019. Thus, the volume expected in the current year of expenditures was increased from 18.3 to 18.5 trillion trillion rubles, and the income level was reduced from 20.2 trillion to 20 trillion rubles. As a result, the budget surplus will amount to 1.5 trillion rubles (1.4% of GDP) instead of the previously laid 1.9 trillion (1.7% of GDP).

In addition, the upper house of Parliament also revised its forecast for oil prices in 2019 — from $63,4 to $62,2 per barrel. At the same time the inflation rate was adjusted from 4.3% to 3.8%, and its estimate of economic growth in the current year, the senators kept at the level of 1.3%.

However, as suggested by the Finance Ministry, the dynamics of the GDP of the country could be better forecast values. This was during a speech in the Federation Council, said the first Vice Prime Minister, Minister of Finance of Russia Anton Siluanov. According to him, in October the economy grew by 2.2% in annual terms, and the final figure may exceed budgeted at 1.3%.

«Begin to work of national projects and the measures we have taken to stimulate economic growth. We believe that the dynamics of economic growth this year will be no lower, and possibly higher than we predicted,» — said Siluanov.

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