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Vladimir Putin signed Federal Law On Amendments to the Budget Code of the Russian Federation and Certain Legislative Acts of the Russian Federation in order to Improve the Budget Process.
The Federal Law was drafted for the purposes of creating a legal foundation for converting to the formation of budgets within the Russian Federation’s budget system on the basis of the performance-oriented principle and the implementation of individual actions to increase the efficacy of budgetary spending.
In particular, the Federal Law concerns the legal regulation of matters pertaining to the Russian Federation’s issuing of budget credits for replenishing the funds in Russian regional budgetary accounts (local budgets) and collecting respective debts. The law broadens the list of types of financial assets by adding Russian securities tied to the implementation of self-sustaining infrastructure projects to which National Welfare Fund resources can be allocated.
The new version sets forth regulations on loans by Russian regions and municipal districts in foreign currencies, establishes regulations on loans by Russian regions in Russian currency obtained outside of Russia, includes regulations specifying the Finance Minister and Federal Treasury’s budgetary powers with regard to applying measures of budgetary constraints in the event of budgetary infractions, as well as regulations aimed at creating and maintaining a common portal for the Russian Federation’s budget system.
May 8, 2013