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Signing the Federal Law On Amending the Federal Law On the Federal Budget

May 4, 2010

Dmitry Medvedev signed the Federal Law On Amending the Federal Law On the Federal Budget for 2010 and the Planning Period of 2011–2012.

The amendments specify the upper limit of Russia’s state internal debt for 2010 and the planning period of 2011–2012, as well as its state internal debt’s upper limit under the state guarantees of the Russian Federation denominated in its national currency, for the same period. It also specifies the upper limits for the State Programme of the Russian Federation on External Borrowings for 2010 and the planning period of 2011–2012, and for the programmes on state guarantees of the Russia Federation denominated in its national currency and in foreign currency, for the same period.

The Federal Law also contains a proposal to grant the [Russian] Government in 2010 the right to appropriate the federal budget funds toward purchasing shares in the Russian-Indian joint venture, Sistema Shyam TeleServices Ltd. (Republic of India).

The law also sets forth individual powers held by Vnesheconombank with regard to provision and performance of state guarantees, which powers it exercises on the instructions from the Government of the Russian Federation.

May 4, 2010