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. Last Updated: 07/27/2016

Revenue Shortfall

It looks like the experts were right when they said the early passage of the law "On the 1996 Federal budget" would not be a solution to all of this year's financial problems.


According to the Finance Ministry, the budget's tax revenues in the first quarter of this year came to only 56 percent of those expected. Only 71 percent of government spending is financed, and the budget deficit rose by 1.5 percent.


Examining the budget's state of affairs, the Federation Council came to the conclusion that the problems are result of budget policies that did not use government methods to stimulate the public's production potential.