Page 49 - RusRPTDec18

end up at about this level for the whole of this year even if the newly-approved supplemental budget spending (rather small) for this year will materialize and the large remaining amounts of last year’s budget funds will all be used.
The Duma has passed the 2019 budget law in the second reading and is set to approve the third and final reading on November 22. The budget calls for a huge surplus, a huge increase in spending and the rapid build up of the sovereign rainy day fund in the next three years.
Revenues in 2019 will amount to RUB19.969 trillion, in 2020 - RUB20.218 trillion , and in 2021 - RUB20.978 trillion .
The projected amount of oil and gas revenues in 2019 will be at the level of RUB8.298 trillion, in 2020 - RUB7.936 trillion , in 2021 - RUB8.018 trillion
Expenses in 2019 are assumed at the level of RUB18.037 trillion, in 2020 - RUB18.994 trillion , in 2021 - RUB20.026 trillion.
The budgetary surplus in 2019 will be RUB1.932 trillion , in 2020 - RUB1.224 trillion , in 2021 - RUB952bn.
The volume of GDP in 2019 is planned to RUB105.820 trillion , in 2020 - RUB110.732 trillion , in 2021 - RUB118.409 trillion .
The inflation rate in 2019 will not exceed 4.3%, in 2020 - 3.8%, and in 2021 - 4%.
The maximum amount of the Development Fund for 2019 is planned to be almost RUB437bn, for 2020 about RUB583bn and for 2021 a little less than RUB613bn.
The Development Fund is being formed, starting with the federal budget for 2019. Funds of the Fund will be directed to financial support of events of state programs of the Russian Federation.
It is projected that the volume of the National Wealth Fund in 2019 will be RUB3.818 trillion (3.6% of GDP), in 2020 - RUB7.907 trillion (7.1% of GDP), in 2021 - RUB11.476 trillion (9.7% of GDP ).
Over the next three years, as part of the implementation of national projects, a total of RUB5.7 trillion will be allocated. Of this, the largest expenditures will be spent on demography - RUB1.588 trillion, on health care - RUB698bn , education - RUB362bn , housing and the urban environment - RUB318bn , and ecology - RUB278bn .
49 RUSSIA Country Report December 2018 www.intellinews.com