Russia’s budget will take into account the fall in oil prices – Dni.Ru

11:34 / 30.09.2014 Budget, the State Duma, Pensions, Russia The Russian government has submitted to the State Duma a draft federal budget for 2015-2017 years. It takes into account the latest developments, such as the Western sanctions, falling oil prices and the additional costs of development of the Crimea.

Photo: GLOBAL LOOK press

It is expected that budget deficit until 2017 will be 0,6% . These are the indicators laid down in the draft budget, which is submitted to the Duma. The main indicator, which is based fiscal rule – Reduced cost of oil. The base price of a barrel in the years 2015-2017, is expected to be $ 96. Oil grade Urals, according to the same projected to cost $ 100 per barrel.

Budget revenues in 2015 will amount to 15.082 trillion rubles, or 19.5% of GDP, while expenditures – 15,513 trillion, or 20% of GDP, according to RIA Novosti. Thus, it is expected that the the budget deficit for 2015 will amount to 430.7 billion rubles , or 0.6% of GDP.

In 2016, according to the plan, the budget will go 15,796 trillion rubles in revenues, or 19% of GDP. Expenses in the same year reached 16.272 trillion rubles, or 19.6% of GDP. In 2016 the deficit will amount to 476.3 billion rubles , or 0.6% of GDP.

In 2017 planned revenues of $ 16.548 trillion rubles, or 18.4% of GDP. Costs would amount to 17,089 trillion rubles (19% of GDP). Deficit, according to these data, will be 540,9 billion rubles, or 0.6% of GDP .

According to the draft budget, The reserve fund will not be replenished . Due to exchange rate differences, its volume is reduced by the end of 2017 to 3.692 trillion rubles to 3.5 trillion rubles by the end of 2014. Nevertheless, the risk of a shortfall in oil and gas revenues, and borrowing can reduce the amount of the Reserve Fund to 2.205 trillion rubles.

Meanwhile, National Welfare Fund will increase to 3.334 trillion rubles at the end of 2017 year compared with 3,189 trillion rubles at the end of 2014, according to a draft budget. In addition, the State Duma introduced another bill related to fiscal policy.

We are talking about a document to extend the 2015 moratorium on transfers to private pension funds pension savings. Means premiums will be fully focused on the insurance part of future pensions of citizens.

“Extension of the moratorium in 2015 will not reduce the amount of pension rights of insured persons in the mandatory pension insurance system, since the size of individual part of the tariff premiums saved and generated estimated capital subject to indexation in accordance with applicable pension legislation, “- said the press service of the government.

In the event that the moratorium will be extended, and in 2015, the it will save the budget 309 billion rubles . Of this amount will be formed bailout reserve, which will be allocated to support key to the Russian economy companies.