Mr Putin signed a federal law stipulating that all budgets within the Russian budget system will make a transition to medium-term planning and budget drafting based on a three-year period.
This law sets out the procedures for the budget process as concerns the drafting, examination, approval and execution of budgets, and also establishes the basic principles and positions of the budget classification as set out in the Russian Budget Code, while simultaneously expanding the powers of state and local authorities regarding this classification’s details.
Furthermore, in accordance with the President’s Budget Address to the Federal Assembly on budget policy for 2008–2010, the Russian Stabilisation Fund is to be reorganised as the Reserve Fund and the Future Generations’ Fund.
The new law also makes a number of drafting amendments aimed at clarifying the wording of the Russian Budget Code in its current draft.