On 7th July 2011, the Finance Ministry of Russian Federation presented the fiscal policy outline for next year and for the time period through 2014 for approval. The top news: “The budget’s deficit will still running not only in the next 3 years, but also in 2015”. Thus, the goal of balancing the budget in the post-crisis period which the government had set for itself remains unaccomplished.
At a governmental meeting, Finance Minister Aleksey Kudrin presented the draft outline of the country’s main financial plan for the next three years. The fiscal policy outline contains dry assertions regarding the current economic status in Russia, as well as a forecast for its development through 2014. In essence, there is nothing fundamentally new in these assessments. Many of last year’s estimates remain the same – in particular inflation, which is expected to amount to 6 percent in 2012, 5.5 percent in 2013 and 5 percent in 2014. The same applies to the forecast for the dollar exchange rate: 27.9 rubles per $1 in 2012 and 2013, and 28 rubles per $1 in 2014.
Federal budget earnings and spending were slightly corrected. Next year revenues are expected to equal 10.6 trillion rubles. In the future, they are predicted to rise by approximately 1 trillion rubles a year – which, however, does not cover expenses. In 2012, public spending should amount to almost 12.2 trillion rubles, in 2013 around 13.42 trillion rubles, and in 2014 just below 14.3 trillion rubles. Thus, for the next two years the country will continue running a budget deficit at 2.7 percent of GDP, and by the end of three years it will amount to 2.3 percent of GDP. A balance between government spending and state revenues calls for a steadily high price of oil – at approximately $125 per barrel.
Source: www.inforusia.ro, www.ng.ru, www.rt.com |
