Budget Loans and Subsidies to Regions: Who and How Much Received in 2015?

Russian economic Developments. Moscow, 2016, No 3, pp. 23-27

7 Pages Posted: 1 Apr 2016 Last revised: 11 Apr 2017

See all articles by Arseny Mamedov

Arseny Mamedov

Gaidar Institute for Economic Policy

Evgenia Fomina

Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration (RANEPA)

Date Written: April 1, 2016

Abstract

In 2015, the federal budget was executed with a deficit of 2.7% of GDP (in 2014, 0.5% of GDP). Compared to 2014, revenues have fallen significantly – by 2.0 p.p. of GDP, expenditure volume has gone up slightly – by 0.2 p.p. of GDP. The year 2016 and the following medium-term period can become more frustrated for the budget and domestic economy as a whole, in the event there are no timely decisions regarding operational and strategic measures aimed and adjusting the budget system to the new normal. At the same time, renewal of the technical ten percent budget cut in the context of protected budget lines (social obligations, defense, public-sector employees’ wages) lead to risks of further deterioration of the federal budget expenditure with decreased share of expenses, which contribute to the economic growth in the long-term (human capital and infrastructure).

Keywords: Russian economy, federal budget, budget transfers, subsidies, budget loans

JEL Classification: H61, H62

Suggested Citation

Mamedov, Arseny and Fomina, Evgenia, Budget Loans and Subsidies to Regions: Who and How Much Received in 2015? (April 1, 2016). Russian economic Developments. Moscow, 2016, No 3, pp. 23-27, Available at SSRN: https://ssrn.com/abstract=2757603 or http://dx.doi.org/10.2139/ssrn.2757603

Arseny Mamedov

Gaidar Institute for Economic Policy ( email )

3-5 Gazetny Lane
Moscow, 125009
Russia

Evgenia Fomina (Contact Author)

Gaidar Institute for Economic Policy ( email )

Gazetny Lane 3-5
Profsouyznaya street
Moscow, 117485
Russia

Russian Presidential Academy of National Economy and Public Administration (RANEPA) ( email )

Vernadskogo Prospect 82
Moscow, 119571
Russia

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