The purpose of this study is to provide an overview of fiscal policies and PFM reforms in 7 countries in the Western Balkans and 12 countries in the CIS, including major macroeconomic and poverty trends, fiscal policy, the size and role of the public sector, public expenditure management and its...

In 2016, actual revenues of Russian regions went up. The overall budget deficit dropped to a nine-year low in response to expenditure containment policies. Nevertheless, the total volume of public debt racked up (accumulated OK) by lower-revenue regions remains high

At present, the State Duma is reviewing the draft federal budget in 2018–2020, which is characterized by a conservative forecast of the price of oil, dramatic reduction of the expenditures as a result of new budget rules being applied and a high level of state borrowings. In addition, with the...

In 2015, the federal budget was executed with a deficit of 2.7% of GDP (in 2014, 0.5% of GDP). Compared to 2014, revenues have fallen significantly – by 2.0 p.p. of GDP, expenditure volume has gone up slightly – by 0.2 p.p. of GDP. The year 2016 and the following medium-term period can...

According to the preliminary data released by the Finance Ministry of Russia, the federal budget revenues constituted Rb18.7 trillion against the projected Rb20.6 trillion for 2020, and expenditures – Rb22.8 trillion against planned Rb19.7 trillion. Such difference in the state budget...

At nine months-end 2020, the federal budget revenues contracted by Rb1,818.6 bn and expenditures went up by Rb3,040.9 bn against the same period of the previous year; the budget has been executed with a deficit to the tune of Rb1,773.3 bn. Contraction of revenues and ramping up of expenditures...

In 2021, the federal budget was implemented with a small surplus, which is an important achievement after a deficit of 3.8% of GDP a year before. It became feasible owing to two factors: oil and gas revenues returned to the precrisis level in nominal terms, while non-oil and gas revenues saw...

According to the results of H1 2021, the federal budget revenues exceeded the level of 2019, hitting 20.9% of GDP. The main contribution to this outcome was made by an increase in VAT receipts, primarily due to an increase in the consumption of nonfood products with a slight increase in the...

Q1 2018 saw relatively high growth rates in regions' revenues and expenditures. Regions with lowest revenues posted relatively slow growth rates in revenues for two straight years, thereby mounting their debt burden and reflecting further differentiation in the development of Russia's territories

Continuous federal budget deficits and a rising public debt have been presented in terms that have produced mounting dissatisfaction with government. One solution offered to deal with this discontent has been a constitutional amendment to balance the federal budget. In a working paper, Charles...