MOSCOW: Russia's Finance Ministry supports a proposal to limit budgetary planning to one year, as opposed to the present three-year planning, Finance Minister Anton Siluanov said on Tuesday.
"In order to minimise the likelihood of mistakes in preparing the budget, we are proposing to take a pause for a more detailed evaluation of the developing situation," he said, citing volatile conditions on global commodity and financial markets.
"We also support an initiative to retreat from the accepted procedure of budget planning and limit the preparation of the budget only to the year 2016."
Siluanov said that together with the 2016 budget the ministry would also present a long-term budget forecast to 2030, including budget parameters for 2016-18, but this would not be fixed in the law.
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