UPDATE: Russian government submits 2017–2019 budget draft to State Duma

(Adds details in two last paragraphs)

MOSCOW, Oct 28 (PRIME) -- The Russian government has submitted a draft 2017–2019 budget to the State Duma, the parliament’s lower chamber, according to its statement published on Friday.

The first reading was preliminarily scheduled for November 18.

The government approved the budget on October 13 with a deficit of 3.2% of the gross domestic product (GDP) in 2017, 2.2% in 2018 and 1.2% in 2019.

In 2017, revenue is planned at 13.437 trillion rubles and spending at 16.181 trillion rubles. In 2018, 13.989 trillion rubles and 15.978 trillion rubles and in 2019, 14.825 trillion rubles and 15.964 trillion rubles.

The Finance Ministry plans to spend 1.152 trillion rubles from the Reserve Fund to finance deficit in 2017, which will deplete the fund. Spending from the National Wealth Fund is planned at 659.6 billion rubles.

The National Wealth Fund will contribute 1.14 trillion rubles to the budget in 2018 and 137 billion rubles in 2019.

Defense spending will be increased by 72 billion rubles to 1.021 trillion rubles in 2017, while spending in 2018 is seen at 948.3 billion rubles and in 2019 at 941.2 billion rubles.

Spending on national security and law enforcement activities will amount to 1.270 trillion rubles in 2017, to 1.262 trillion rubles in 2018, and to 1.259 trillion rubles in 2019.

(63.0399 rubles – U.S. $1)

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