MOSCOW (Pakistan Point News / Sputnik - 31st July, 2020) Russian President Vladimir Putin signed a law amending the Budget Code, which, among other things, allows the government to increase Federal budget spending by 1.8 trillion rubles ($24 billion) in 2020 without amending it, according to a document published on the legal information portal.
These funds can be used to prevent deterioration of the economic situation, prevent and eliminate the consequences of the coronavirus epidemic, as well as for other purposes determined by the government. This year, the government already has right to exceed budget expenditures on the amount of receipts from Sberbank and other revenues in excess of the plan.
The law makes it possible to exceed expenses even more, in this case by 1.8 trillion rubles, without reference to specific incomes, including via borrowing, Deputy Finance Minister Alexei Lavrov explained earlier. Moreover, this year's budget will obviously be in deficit, he said.
