Expenses of the budget of Russia it is planned to increase

the Russian Government plans to increase expenditures of the Federal budget in 2020 to 1.8 trillion rubles, Prime Minister Mikhail Mishustin at the government meeting, which was broadcast channel “Russia 24”. In this case, the cost will increase by 9%.

“the draft law presupposes the change of certain provisions of the Budget code, will be able to exceed the approved level of Federal budget spending by 1.8 trillion rubles,” — said Mishustin.

Before the pandemic Russian budget-2020 was approved parameters with incomes 20,38 trillion rubles, expenditures of 19.5 trillion rubles. A budget surplus in 2020 is planned at the level of 876 billion rubles. While GDP was to be 112,863 trillion rubles, inflation of 3%.

Russia will be able to fully close the budget needs without resorting to foreign borrowing in 2020, said earlier the Deputy Minister of Finance Timur Maximov. The Finance Ministry intends to conduct a large-scale borrowings on the domestic market in 2020 to 2.3 trillion rubles, of which net attraction will amount to 1.7 trillion rubles.

the Russian Government intends to gradually reduce the cost, increased during the pandemic to support the economy and citizens.

the Cost will return to the track budget rules by 2022, announced on 23 June, Deputy Finance Minister Alexei Moiseev at the annual Russian conference of investors, “Renaissance Capital”. Now the size of the state support for the economy and the population considerably exceeds a spending limit set by the budget law.

the Total cost of anti-crisis measures exceeded 3.3 trillion roubles, 2.5 million jobs had been maintained within the anti-crisis package. A large part of the support measures is abolished from July 1.

To fill the missing income due to low oil prices, the Ministry of Finance through the Central Bank sells currency from the Fund of national Blagosostoyanieia (NWF).

the Ministry of Finance on the budget rule and buys a currency in reserves to the income from the sale of oil flowing into the Treasury in taxes from oil and gas companies. Currency buy stocks when the oil price above the $40.2 per barrel — mounted rule level in 2020. Conversely, the currency is sold, if the price of oil below the rule level, and the money received from the sale of currency are used to Finance the budget deficit. The price of Russian Urals oil consistently over $40 is only about a month — from June 5.