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Federal Budget for 2020-2022: Main Parameters

Ilya A. Sokolov – Head of Budget Policy Research Department of the Russian Presidential Academy of National Economy and Public Administration; Director of Institute of Macroeconomic Research, Russian Foreign Trade Academy of the Ministry for the Economic Development of the Russian Federation, Candidate of Economic Sciences (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Main parameters of the federal budget have been formulated in accordance with the fiscal rule and national priorities. Hence, the contraction of oil and gas revenues are not offset by non-oil and gas receipts growth, nevertheless the government plans to run a budget surplus during the entire three years.

As a result of ongoing fiscal adjustment, the federal budget expenditures hit 10-year minimum (16.1% of gdp) in 2018. However, due to the need to implement national projects, expenditures for the period of 2019–2022 will be around 17% of gdp. Furthermore, one should note a number of issues: low level of cash execution of funds allocated for national projects; controversial results from shifting financing across years among projects; sufficiency of resources and measures aimed at achieving national projects as was indicated in the president’s may executive order.

On the whole, fiscal adjustment will remain a priority for the budgetary policy for the next three years. At the same time, the question of how to make up for a shortfall in oil and gas revenue remains unanswered.

Key words: federal budget, oil and gas revenues, non-oil and gas revenues, fiscal rule, national projects.