Footnote:
In: Monitoring of Russia's Economic Outlook. Moscow, No 16, pp. 5-8, IEP. 2019
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 12, 2019 erstellt
Description:
Main parameters of the federal budget have been formulated in accordance with the fiscal rule and national priorities. Hence, the contraction of oil and gas revenues are not offset by non-oil and gas receipts growth, nevertheless the government plans to run a budget surplus during the entire three years. As a result of ongoing fiscal adjustment, the federal budget expenditures hit 10-year minimum (16.1% of GDP) in 2018. However, due to the need to implement national projects, expenditures for the period of 2019–2022 will be around 17% of GDP. Furthermore, one should note a number of issues: low level of cash execution of funds allocated for national projects; controversial results from shifting financing across years among projects; sufficiency of resources and measures aimed at achieving national projects as was indicated in the President's May Executive Order. On the whole, fiscal adjustment will remain a priority for the budgetary policy for the next three years. At the same time, the question of how to make up for a shortfall in oil and gas revenue remains unanswered