Russia predicted a huge windfall from oil and gas

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России предрекли огромные сверхдоходы от нефти и газа

The Finance Ministry predicts that additional oil and gas incomes of the budget in 2018 will increase by more than five times and reached the level of 2.74 trillion rubles while the planned level in 527,6 billion. This is stated in the draft amendments to the draft law on the Federal budget for 2018, which is published on the official portal of projects of normative acts of the government.

The Ministry of Finance confirmed that this forecast additional oil and gas revenues of the budget of the country for the first time since 2011, will have a surplus. Total budget revenues will amount of 17.03 trillion rubles, expenses will amount to 16.6 trillion rubles. Thus, the initially planned budget deficit of $ 1.27 trillion rubles was replaced by a surplus in 440,6 billion — about 0.4 percent of GDP.

The Agency also lowered the upper limit of internal debt — he made up 10.28 trillion rubles, the upper limit of the external public debt fell to 61.9 billion.

The law on the budget includes the transition to the new fiscal rule — 2018 windfall from oil and gas produced in excess of the actual price level predictable, should be sent to reserves, and not on costs. These funds are then routed to purchasing by the Ministry of Finance currency.

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