Market Turmoil Forces Shift in Russian Budget Planning for 2016
- Finance Ministry to ask lawmakers for change in 2016 budget
- Oil-reliant nations are adjusting to lower crude prices
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Turbulence on energy and financial markets is forcing Russia to shorten its budget-planning horizon to one year in 2016, according to Finance Minister Anton Siluanov.
Given the increased risk of forecasting errors as a result of market volatility, the Finance Ministry will ask lawmakers to delay the deadline for submitting next year’s budget and shift to a one-year plan for 2016, Siluanov said in Moscow Tuesday. Russia has been adopting three-year fiscal programs starting with the 2008 budget, with the plan submitted annually before Oct. 1.