Abstract:
In this paper we will discuss about Russia budget. We will analyze the budget with the help of several year's budget statistics. The annual budget in Russia has to be passed by the State Duma. However, it is seen that after the budget reform, the Russian government changed its budget policy.
The State Duma, that is the lower house of the Russian Parliament, is used to pass the Russian budget for any financial year. In Russia, unlike many other countries, the budget documents are subject to a debate and it has to be passed by the Parliament.
Earlier, the members of Parliament mainly were used to discuss on the surplus issue. Another big problem was the stabilization fund. The Russian government did not want to save money for future, which was a big debatable issue. After the budget reform Russia changed its budget policies.
In 2003, the budget projected the net revenue at 2.69 trillion rubles and the expenditure was expected to reach upto 2.59 trillion rubles. The budget allocated a huge amount of money for military. The budget 2003 also increased the government's spendings on education and health care.
The Russia budget 2004, announced in September 2003, focused more on increasing revenues. The budget estimated that the federal revenue and government spendings would reach upto 90 billion and 87 billion dollars respectively. The government expected to achieve a surplus worth more than 2.7 billion dollars during the 2004 financial year.
The government projected 83.4 billion rubles as surplus which would be used for the stabilization of funds and, the growth in gross domestic product had been estimated at 5%, less than 0.9% from the previous year and inflation was anticipated at 8% to 10% during the 2004 financial year.
In the 2007 Russia budget, the revenue had been estimated at 6,965 billion rubles. The expected budget surplus was 1 trillion rubles and the oil price was set at 61 dollars per barrel. In the 2008 budget, the surplus was estimated at 47.2 billion dollars. The government set the oil price at 74 dollars per barrel.