Three-Year Budget: Maneuver in Favor of Productive Expenditure

Sergey Belev – Head of Budget Policy Department of the Gaidar Institute; Senior Research fellow of the Budget Policy Department, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Tatyana Tischenko – Senior Research fellow of the Budget Policy Department of the Gaidar Institute; Senior Research fellow of the Budget Policy Department, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Anna Komarnitskaya – Research fellow of the Budget Policy Department of the Gaidar Institute; Research fellow of the Budget Policy Department, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The draft law on the federal budget for the year 2019 and 2020 and 2021 period covered years «implies a fiscal maneuver in favor of productive expenditure. Federal budget should become the main source of growth of the Russian economy over the next three years. There are problems of security, limiting the financing of new spending commitments without attraction of means on the debt market.

Key words: federal budget, draft law on the federal budget, budget revenues, budget expenditures, budget balance, budget rule, productive expenditures.