The Russian authorities wanted to use oil and gas revenues of the budget in a new way and decided to despare the budget rule – towards an increase in budget expenditures, “Vedomosti” write. The amendments to the budget rule developed the Ministry of Finance.
The main planned change is the revision of the principle of calculating the structural primary deficit. This indicator is equal to the difference between the sum of nonnephtegase and basic oil and gas (calculated on the basis of the oil price at the cutting level, in 2021 – $ 43.3 per barrel) of income and the total volume of the federal budget expenditures. Currently, the size of the structural primary deficit is fixed at the level of 585 billion rubles – it is proposed to equate to 0.5 percent of GDP.
According to current forecasts, next year, this amount will be equal to 670 billion rubles – 0.5 percent of the expected GDP in the amount of 133.3 trillion rubles. Thus, the planned value of the budget expenditures will grow by 85 billion rubles.
Initially, the norm on primary structural budget deficit appeared in 2018 as a source of funding for national projects, most of which envisage the development of infrastructure. In 2021, the structural primary deficit is 1.46 trillion rubles – as a temporary anti-crisis measure in connection with the coronavirus pandemic. Next year, it was planned to reduce its size to the previous 585 billion.
The budget rule was introduced into the Russian economy in 2017. According to him, the limited level of budget expenditures is limited to non-iteftegasic revenues and oil and gas revenues of the budget, calculated on the basis of a predetermined conventional price of oil. The latter are made up of export duties for oil, gas and petroleum products exported from the country, as well as mining tax (NPPI).
Oil and gas excess (obtained at the price of oil exceeding the basic) are sent to the Sovereign Fund of National Welfare (FNB). With a decrease in world prices below the base level, the difference is offset due to the funds accumulated in the FNB.