In a recent reading, the State Duma adopted amendments correcting the budget for 2018. Among the new articles, an additional 97.4 billion rubles will be allocated to the defense-industrial complex for the development of new weapons, MP Gutenev reports. Also, the amendments provide for the direction of 47 billion rubles to stimulate the automotive industry and agricultural engineering.
According to the deputy, the amendments were initiated due to the budget surplus and the release of additional funds, which amounted to 481.8 billion rubles, which is 0.5% of the national GDP.
reference Information
According to the latest statistics, the amendments provide for the growth of state budget revenues in 2018 to 17.073 trillion. rubles (+1.815), which will be 17.4% of Russia's GDP. Also, government spending will increase, and amount to 16.591 trillion. rubles (+0.619). In general, the amendments allow the budget to complete the current year with a surplus of 0.5% of GDP, against the "deficit" 2017.
Funds from the surplus will go to replenish the National Wealth Fund, which already amounts to 1.1 trillion. rubles. After the liquidation of the Reserve Fund, the funds are used to ensure public spending in the event of a deficit.
This cost structure was approved at the beginning of the year based on the latest estimates and risks for the Russian economy:
- The country's annual GDP for 2018 will be about 2.34 trillion. rubles;
- The cost of a barrel of Urals oil will be $ 61.4;
- The dollar will set at 61.4 rubles. / $.
Also according to economists' reports, annual inflation will show an average of 2.8%. It is worth noting that the state budget for the first time will be in surplus since 2014. Prior to this, there was a deficit associated with a sharp fall in oil prices and anti-Russian sanctions imposed against the background of the Ukrainian conflict. At the end of last year, the state budget deficit amounted to 1.3% of GDP.
Effects
Recently, the United States announced the preparation of new sanctions against Russia, which provide for a ban on the supply of electronic equipment. An ultimatum was also announced, under the terms of which the Russian side must provide evidence that chemical weapons have been completely eliminated and are not being used. Their introduction was linked to the ex-scout Sergey Skripal and his daughter poisoning in Salisbury.
In case of refusal, additional measures will be introduced that will prohibit US citizens to have Russian debt bonds, as well as restrict access to the dollar for the country.
The Russian government has already rejected all the requirements of the ultimatum and disagree with the accusation. According to economists, these sanctions can only have an effect in the medium term. However, after the US government announced its plans for the ruble collapsed against the dollar and the euro to a biennial minimum.
Despite this, economists do not expect strong shocks and recession in the economy, which means that even with the introduction of the above sanctions, Russia will end 2018 with a budget surplus.
Consideration of the issue on approval of amendments will continue at the second and third reading of the document (June 19 and 21, respectively).
