OREANDA-NEWS. December 05, 2012. Vladimir Putin signed Federal Law On the Federal Budget for 2013 and the 2014-2015 Budget Plan.

The law was drafted based on Russia’s socio-economic development forecasts through to 2015, the provisions of the President’s Budget Address of June 28, 2012, which set the main budget policy guidelines for 2013-2015, the long-term socio-economic development strategy through to 2020, and the strategic development goals set out in the presidential executive orders of May 7, 2012.

The 2013 federal budget and 2014-2015 budget plan were drafted in accordance with the new budget rules, in particular as concerns use of oil and gas revenues. The new budget rules will take effect as from January 1, 2013.

The law approves the key parameters of the 2013 federal budget, which is based on a forecast GDP of 66,515 billion rubles and an inflation rate of not more than 5.5 percent (December 2013 to December 2012), total federal budget revenue and spending, internal and external public debt ceiling, federal budget deficit, and the key perimeters for the 2014-2015 budget plan.

The law also approves the procedures for revenue distribution between different budget levels through to 2015, total budget allocations for carrying out public obligations over 2013-2015, distribution of budget financing, including for long-term (federal) targeted programmes, defines specific procedures for administering budget revenue at different budget levels and specific procedures for using budget resources in healthcare and the social sector, and sets the amounts of contributions to charter capitals of joint-stock companies made by federal executive bodies and Rosatom State Nuclear Energy Corporation.