The role of the State Duma in the formationof the economic policy is limited enough. The main tools of influence of thelower Chamber on the executive power include the approbation of the PrimeMinister, the possibility of distrust to the Government, and the legislative(first of all, approval of the Federal budget) practice itself. Nevertheless,all the above forms of the legislative activities are efficientlycounterbalanced by the President: the President submits for approval the Headof the Government, has the choice between the Cabinet dismissal and theParliament dissolution in the event of distrust, and, at last, the President,using vetoes and decrees, can efficiently influence the economic life in theevent of his or her disagreement with legislative acts. It should be also notedthat the 1993 Constitution relates the formation of the new Cabinet not to theParliamentary, but to the Presidential elections.
Within this Constitutional framework, theelectoral struggle of 1995 did not become a factor significantly influencingthe economic evolution. Despite certain forecasts, the participation of theNDR, the party at power, did not result in any significant correction of thefinancial stabilization policy. No additional expenditure decisions for theBudget were implemented, no sharp unforeseen growth of the State Debt oracceleration of the monetary mass occurred.
As a result, the macroeconomic stabilizationprogram planned for 1995 could be implemented. In 1995, the Federal Budgetdeficit made 2.9% of the GDP against the 10.9% of 1994, and was financed fromthe interior sources for 1.41% of the GDP (moreover, no direct credits of theCentral Bank to the Government were used) and from the exterior sources for1.53% of the GDP. Taking into account the expenditures on servicing of theState interior debt (complete estimate of the secondary deficit), the Budgetdeficit made 4.2% of the GDP (see Table 1.2).
Execution of Russian Federal Budget in 1995(% of GDP)
VAT, special tax,excise tax
Tax on foreign tradeand foreign economy transactions
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