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-0.82

0.14

-0.10

-0.25

-0.24

-0.28

-0.04

0.12

Balances as of thebeginning of a period

1.71

1.28

0.99

0.79

0.65

0.55

0.47

0.41

0.37

Balances as of theend of a period

2.51

2.10

0.85

0.90

0.89

0.79

0.75

0.46

0.25

2.5 Otherexternal financing

-0.40

-0.25

Reception ofcredits

Ratedifferences

Repayment of maindebt by credits

0.40

0.25

TOTAL FOREIGN FINANCING

1.69

-0.35

-0.71

0.27

0.33

0.91

0.93

0.69

0.69

0.98

1.25

1.53

TOTAL FINANCING

1.86

1.19

3.08

3.13

2.70

3.14

2.71

1.93

2.55

2.39

2.60

2.94

FOR INFORMATION:

Arrears (% of GDP),total

14.48

14.90

13.69

16.16

16.16

14.59

15.24

16.82

16.49

17.37

18.68

15.87

VAT

7.97

8.19

7.73

8.45

7.78

7.47

8.73

9.17

9.53

10.58

10.84

9.80

Profittax

1.96

1.81

1.76

3.40

4.27

3.38

2.84

4.10

3.76

3.25

4.36

3.49

Tables 2.2 and 2.3 show that the situationwith the execution of 1995 Budget was, on the whole, stable. In 1995, theincomes of the consolidated Budget amounted to 26.1% of GDP. As for the incomesof the Republican Budget, they amounted to 13.7% of GDP, or about 13.85% of GDPtaking into account the final turnovers of 1995 (see Figures2.1 and2.2).

The expenditures of the Federal Budget wereaccomplished as the incomes, assets from the financial market, externalcredits, and the credit of the first quarter of 1995 by the Central Bank to theRF Government to cover the cash gaps (1.36% of GDP) were coming. Thus, theorder of financing of the Government, approved by the Law on Budget for 1995,excluding the credits by the Central Bank (except the one mentioned above) fromits sources, had a serious influence on the improvement of the responsibilityfor the Budget expenditures.

During the six months, the expenditures ofthe Federal Budget amounted to 98% of the ones planned for the first half-year.The largest percentages of the half-year plan accomplishment are seen in thereplenishment of the State stocks and reserves (300%), miscellaneous (138%),and the expenditures on the international activities (198%). The lowestpercentages have been recorded in the social and cultural events (78%), thescience (84%) and in the national economy (84%). The expenditures on thedefense were financed by 87% of the planned, the expenditures on the lawsenforcement were financed by 99% of the planned.

In the first six months of 1995, theexpenditures of the consolidated Budget amounted to 28.2% of GDP (compared withthe 1994’s 37.8% ofGDP); the expenditures and loans minus repayments made 30.2% of GDP (comparedwith the 1994’s 41.5%of GDP).

Fig. 2.1

Revenues, Outlays, and Deficit of the RF1995 Federal Budget (% of GDP)

Fig.2.2

Revenues, Outlays, and Deficit of the RF 1995Consolidated Budget (% of GDP)

As of the third quarter of 1995, theslowdown of the trend toward the reduction of the actual expenditures by themain items of the Federal Budget should be noted. Nevertheless, to the end ofthe year, the expenditures decreased again; for the whole year they amounted tothe following: 0.27% of GDP for the State administration; 2.87% of GDP for thedefense; 1.16% for the law enforcement; 0.29% of GDP for the science; 2.18% ofGDP for the national economy; and 1.12% of GDP for the social purposes. At thesame time, the expenditures on the replenishment of the State stocks, theexpenditures of the targetted budgetary funds, and the miscellaneousexpenditures grew.

As of 1995 on the whole, the expendituresBudget (despite a certain increase of the expenditures in the last months ofthe year) was executed by 94.18%, compared with the values fixed by theDecember draft of the RF Law On the 1996 Federal Budget. As of 1995, theexpenditures of the Federal Budget amounted to 15.2% of GDP; the expendituresand loans minus repayments amounted to 16.6% of GDP; and, taking into accountthe final turnover, they amounted to 16.9% of GDP. The main expenditures itemswere financed by no more than 90%, including: 87.05% for the Stateadministration; 83.23% for the defense and law enforcement bodies; 86.93% forthe national economy; and 78.45% for the social services.

The above data show that, in the expression,the expenditures decreased, in 1995, by 34% and by 21%, compared with thepreceding year, for the Federal Budget and for the consolidated Budget,respectively.

As it is known, the draft 1995 Budgetsupposed that from the Rb30.6trln of the domestic loans, about one third ofthis sum would be received from the issue of the Treasury bonds. But during thediscussion on the Declaration of the Government and Central Bank of the RF onthe economic policy for 1995, the decision was made to refuse the net issuingof these securities because they were allocated under the interest much lowerthan the market one. Instead, the Ministry of Finance developed the newinstrument of borrowing, namely, the federal loans (Resolution of the RFGovernment of 15May1995, #458). These securities are coupon bondsdistributed for one-year term under floating yield, to be determined inaccordance with the dynemics of dividends on the GKOs.

The 1995 Budget deficit was financed fromdomestic sources in the volume of 1.41% of GDP and from foreign sources in thevolume of 1.53% of GDP. The deficit financing was accomplished by 77.31%. Thedomestic financing was accomplished by 77.95%, and the foreign financing wasaccomplished by 76.67%.

Among the domestic sources of financing, thelargest ones are the GKOs and the OFZs, amounting to 1.66% of GDP. The savingloan gave 0.06% of GDP. The financing is negative from the Central Bank credits(‑0.07% of GDP), aswell, as from the treasury bills and bonds (‑0.12% of GDP). The balances of theBudget assets at bank accounts dropped by 0.14% of GDP.

The credits by international financinginstitutions amounted already to 1.78% of GDP. The net financing from thecredits of foreign governments and foreign commercial banks and firms wasnegative: ‑0.37%. Thebalances of the Budget assets at bank accounts in foreign currencies dropped by0.12% of GDP.

The above data show that thetoday’s tightening ofthe budget policy may be compared, we dare say, only with the changes of 1992,when the Government managed to reduce significantly the Budget expenses due tothe similarity of the macroeconomic situation, when the prices leap after theirliberalization was much higher than the Budget calculations supposed. As itshould have been expected, the underestimate of the inflation rates of 1995,assumed in the Budget calculations, facilitated significantly the process ofits execution. The revenues accumulated allowed to finance more fully than inthe preceding years the nominally (in the approved draft) high, but in realitysignificantly depreciated expenses of the Federal Government. Nevertheless,contrary to the 1992’ssituation, the today’sbudget restrictions are perceived by the economic agents much more calmly.According to the data from the IET’s interviews with managers of various industries entities, from thepress, from the results of hearings in the Duma, the receivers of the assetsfrom the Budget complain, mainly, not the low volumes of financing, but thelower financing compared with the plan. In 1995, this financing, as it has beennoted above, was not very high compared with 1994.

Taxation Policy

As in the previous years, in 1995, thedynemics of the tax revenues was to a great extent determined by the changesintroduced into the legal and normative base of the taxationsystem.

The revaluation of the fixed assets made asof 1 January1995 decreased the taxation base by the profit tax due to thegrowth of the depreciation allotments on the reevaluated fixed assets ofentities, which resulted in a significant drop of the payment of the profit taxin January 1995, compared with December 1994: Rb3,714bln (4.7% of GDP), andRb7,041bln (8.36% of GDP), respectively.

The Federal Law of 25February1995,#25‑FZ On theSpecial Tax from Enterprises, Institutions, and Organizations to Finance theSupport of the Principal Branches of the National Economy of the RF and toEnsure the Stable Operation of the Entities of these Branches reduced, from1April1995, from 3% to 1.5% the special tax introduced by the PresidentialDecree #2270 in December1993, envisioning its abolition from1January1996.

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