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Budget Stayed on Track in January

February 14, 2008 |

Unlike previous years, the 2008 federal budget was implemented smoothly in January. The Finance Ministry was able disburse the budget funds proportionally and distribute them among the ministries evenly, according to the data it published yesterday. Only 16.3 percent of the budget expenses for February (1.07 trillion rubles) are blocked because of the absence of normative acts. If this tendency continues through March, the new Budget Code can be called a success.
Budget in income in January amounted to 699.12 billion rubles (10.5% of the forecast for the year, 29.9% of the GDP for the month) and cash expenses totaled 455.56 billion rubles (6.9% of the annual plan, 19.5% of the month's GDP). The budget surplus was also high, at 243.56 billion rubles, or 10.4 percent of the monthly GDP. The Federal Tax Service was responsible for 373.19 billion rubles' budget income (11.2% of the forecast for the year), the Federal Customs Service 274.78 billion rubles (9.3%) and the Federal Property Management Fund 10.67 billion rubles (21%).

In past years, the Finance Ministry has released much more money toward the end of the year than in the beginning. That led to inconveniences for budget money recipients and to a spike in inflation in January and February of the following year. The Finance Ministry is not rushing to conciliate the normative acts to permit the placement of budget funds and funds of the institutions of development in commercial banks, however. But if expense money continues to be distributed this way, and there is no serious outflow of funds from Russia, there will be no need to place those funds in banks to alleviate liquidity problems.


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