Russia's Federal Budget: Better Late Than Never

Oct 28, 2016 | 09:47 GMT
Russia's Federal Budget: Better Late Than Never
With only two months left in the year, Russia's legislature is set to finalize the country's 2016 federal budget and approve draft budgets for the next three years on Oct. 28.

The Kremlin may yet end the year with a budget in place. After months of rancorous debate and half a dozen rejected drafts, Russia's legislature, the Duma, will vote Oct. 28 to finalize this year's budget and approve drafts for the next three years. For about a decade before the oil slump began in 2014, the country had enough oil revenue to justify two or three supplemental budgets to expand spending. Over the past few years, however, the Russian government has struggled to maintain even one budget without vastly expanding its federal deficit -- something the Kremlin has tried to avoid. Moscow has revised its 2016 budget time and again, and with just two months left before the year's end, it seems to have come up with a viable spending plan for this year and the next few. Still, the budget will not be enough to ease the strain on...

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