In the state Duma introduced a bill on the new design of «budget rules»

© RIA Novosti / Ramil to Setdiscoverable in photobacteria of the State Duma on Okhotny Ryad street in Moscow. Archival photoIn the state Duma introduced a bill on the new design of «budget rules»© RIA Novosti / Ramil to Setdiscoverable the image Bank

The government of the Russian Federation in the state Duma introduced a bill aimed at reducing the influence of market energy prices by macroeconomic parameters and the state of public finances, the establishment of quantitative restrictions on key budget performance and balance the Federal budget, according to the website of the Cabinet.

The document, in particular, defines the limit to the expenditures of the Federal budget in the next financial year and planning period, which cannot exceed the amount of oil and gas revenues calculated on the basis of underlying oil prices, the base export prices for natural gas and a projected exchange rate projected volume of non-oil revenues and projected expenditures for public debt service.

Meanwhile, the base price of oil, according to the bill, is set at 40 dollars per barrel of Urals oil prices in 2017 and is subject to annual indexation of 2% starting in 2018.

Given the decline in oil prices and the formation of structurally stable in the long term, oil prices corresponding to the underlying price implicit in the calculation of Federal budget revenues in 2017-2019, in accordance with the indicators of the forecast socially-economic development of the Russian Federation, it is also proposed to repeal provisions of the Budget code of the Russian Federation concerning the normative value of the Reserve Fund.

Provided for in the bill the method of determining the maximum expenditure limit baseline level of borrowing costs as debt service. This will ensure the sustainable dynamics of public debt relative to GDP.

The bill was considered and approved at the government meeting on 15 June.

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