MOSCOW, Oct. 23 (Xinhua) -- Russia's State Duma, or lower house of parliament, passed a draft of the federal budget for 2020-2022.
The draft estimates that the budget surplus will amount to 876 billion rubles (13.7 billion U.S. dollars) in 2020, but it will decrease to 295 billion rubles (4.6 billion dollars) by 2022, according to a Duma statement on Wednesday.
Revenues are expected to reach 20.38 trillion rubles (318.6 billion dollars) in 2020 and they will increase by about 1 trillion rubles (15.6 billion dollars) every year, while expenses are projected at 19.5 trillion rubles (304.9 billion dollars) in 2020 and will keep rising faster than the revenues, it said.
In accordance with the bill, inflation in 2020 will be 3 percent, and rise to 4 percent in 2021, the statement said.
The Duma also recommended that prior to the most important second reading, the government should prepare proposals to stimulate investment projects in the regions, including through partial repayment of debts on budget loans.
The proposals also should include developing rural territories, housing for orphans, and funds for school buses, ambulances, and municipal vehicles.
The second reading is scheduled for Nov. 19.
The budget has to pass three readings in the Duma, then be endorsed by the Federation Council, or upper house of the parliament, before being signed into law by Russian President Vladimir Putin.
