Russian government submits 3-year draft budget to parliament

The Russian government has submitted its draft 2012-2014 budget, drawn up by former Finance Minister Alexei Kudrin, to the State Duma lower chamber on Friday. Acting Finance Minister Anton Siluanov will present the bill to the Duma, the government's plenipotentiary in the lower chamber Andrei Loginov told reporters. The first reading is scheduled for October 21, the second on November 18 and the third on November 22. Budget incomes are expected at 11.789 trillion rubles in 2012, 12.715 trillion rubles in 2013 and 14.101 trillion rubles in 2014, while spending may amount to 12.658 trillion rubles in 2012, 13.720 trillion rubles in 2013 and almost 14.580 trillion rubles in 2014. The federal budget deficit is forecast at 1.5 percent of gross domestic product in 2012, 1.6 percent of GDP in 2013 and 0.7 percent of GDP in 2014. The bill is based on the price of Urals oil blend of $100 per barrel in 2012, $97 in 2013 and $101 in 2014. Consumer price inflation is expected at 5-6 percent in 2012, 4.5-5.5 percent in 2013 and 4-5 percent in 2014.