World Bank Praises Russia for Budget Openness

PHOTO by http://minsvyaz.ru

In terms of openness level and budgetary data quality - Russia outstripped Germany and Italy in 2015. This statement was made by head of global practice of the state administration for Europe and Central Asia of the World Bank Adrian Fozard, the Rambler News Service reported Thursday.

Fozard noted that in a 10 year period, Russia has made a "colossal leap forward": in 2006, Russia occupied 47th place out of 89 countries in terms of budget openess, while 2015 resulted in a staggering 11th place in the World Bank rankings.

A federal budget law for 2017 with amendments to implement deficit reduction to 2.1% of GDP was adopted by the State Duma in the third and final reading on June 21.

On May 18, Russian Prime Minister Dmitry Medvedev said that the budget revenues this year may be greater than the official forecast, which stood at one trillion roubles.