The Russian government has accepted the budget for 2017

The Russian government has accepted the budget for 2017© RIA Novosti. Viktor Tolochko

The Russian government has decided to accept to execution the Federal budget for 2017 and the planning period of 2018 and 2019.

Relevant document posted by on the official portal of legal information Saturday.

«The government of the Russian Federation decides to accept to execution the Federal budget for 2017 and the planning period of 2018 and 2018», — stated in the message.

Earlier it was reported that Russian President Vladmir Putin signed a law on the Federal budget for 2017 and the planning period of 2018 and 2019 20 December. The law provides for a gradual reduction of the budget deficit: 3.2% of GDP in 2017 to 2.2% of GDP in 2018 and to 1.2% of GDP in 2019.

Incomes for 2017 is projected at $ 13,488 trillion rubles, expenses — 16,241 trillion rubles, the deficit will be respectively 2,753 trillion rubles. The revenue budget for the year 2018 is estimated at 14,029 trillion rubles, expenses — 16,04 trillion rubles, 2019 — 14,845 and 15,987 trillion rubles, respectively.

Document drawn up on the basis of average oil prices at $ 40 per barrel and inflation is no higher than 4% for all three years. This assumes that the average exchange rate of the dollar in 2017 will amount to 67.5 rubles, in 2018 — 68,7 rubles in 2019 71.1 per ruble.

It is expected that in 2017, the Reserve Fund will be fully exhausted, because the remaining of 1.15 trillion rubles will be used to cover the budget deficit. Further, it is planned to Finance the deficit from the Fund, spending in 2017 668,2 billion rubles, in 2018 — 1.16 trillion in 2019 is 139.7 billion.

The law allows for the possibility of external borrowing in 2017 worth up to $ 7 billion, and in 2018-2019 — $ 3 billion per year. It is envisaged that in 2017 the Ministry of Finance will have the right to exchange the old releases of Eurobonds for a new one in the range of $ 4 billion. Net public domestic borrowing of the Russian Federation (borrowing minus debt service costs) for the next three years are limited to the amount of 1.05 trillion rubles a year.

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