Page 51 - RusRPTNov18

6.0 Public Sector 6.1 Budget
Russia’s Federal budget surplus reached 3.5% of GDP in September.
According to the Ministry of Finance, the federal budget surplus increased to RUB2.6 trillion (3.5% of GDP) in the first nine months of this year. In September alone, the surplus amounted to RUB586bn. The revenues were supported by strong oil price and relatively weak ruble. At the same time, budget expenditures traditionally lag behind and start to accelerate closer to the year-end making the final surplus figure a bit smaller. Currently, the budget surplus and suspension of FX interventions cause ruble liquidity outflow from the banking system, which is not supportive for OFZ market.
The draft federal budget for 2019 and the planned period of 2020-2021 has been submitted to Russia’s State Duma , TASS correspondent reports.
Federal budget revenue is planned at RUB19.969 trillion ($303bn) in 2019, RUB20.219 trillion ($307bn) in 2020, and RUB20.978 trillion ($319bn) in 2021, according to the document.
Budget spending will amount to RUB18.037 trillion ($274bn) in 2019, RUB18.994 trillion ($289bn) in 2020, and RUB20.026 trillion ($304bn) in 2021.
The surplus of Russia’s federal budget will be RUB1.932 trillion ($29.4bn) in 2019, RUB1.22 trillion ($18.5bn) in 2020, and RUB0.95 trillion ($14bn) in 2021.
A special meeting of the Duma’s Council on the draft budget is expected on October 1.
The lower house plans to consider the draft federal budget and related bills in the first reading on October 24, in the second reading on November 14 and in the third reading on November 20.
51 RUSSIA Country Report November 2018 www.intellinews.com