State Duma approves 2020–2022 budget amendments in 1st reading

MOSCOW, Mar 4 (PRIME) -- Russia’s State Duma, parliament’s lower house, has approved on Wednesday amendments to the 2020–2022 federal budget in the first out of three mandatory readings.

“Today’s amendments are exclusively aimed at implementation of the orders given by President (Vladimir Putin) in his address,” Finance Minister Anton Siluanov told the chamber.

The amendments envisage growth of budget revenue by 214 billion rubles to 20.594 trillion rubles in 2020 and spending by 162.7 billion rubles to 19.666 trillion rubles. In 2021, revenue shall rise by 645 billion rubles to 21.892 trillion rubles, spending by 556.9 billion rubles to 21.190 trillion rubles. In 2022, revenue is to grow by 755 billion rubles to 22.814 trillion rubles, spending by 677.6 billion rubles to 22.44 trillion rubles.

Spending on the presidential orders will amount to 2 trillion rubles in 2020–2022, including 1.85 trillion rubles from the federal budget.

According to the bill, budget surplus can amount to 0.8% of the gross domestic product (GDP) in 2020, 0.6% of GDP in 2021 and 0.3% of GDP in 2022.

To become law, the bill is to be approved in two more readings by the State Duma and in one reading by the Federation Council, the parliament’s upper house, before being signed by the president. The second reading of the bill is schedule for March 11.

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