Russian President Vladimir Putin has signed the federal law on the budget for 2015 and the planned period of 2016-2017, the Kremlin press service said on Wednesday.

The parliament’s lower house State Duma passed the law on November 21, and the upper house Federation Council approved it on November 26, 2014.

The federal law is based on the social and economic development forecast for the next three years, the main guidelines for the budget policy, the tax policy and state programs.

The main budget parameters for 2015 are based on the forecast that the gross domestic product will amount to 77 498 billion rubles ($1.436 trillion) and inflation will not exceed 5.5%. Revenues are expected to total 15 082.4 billion rubles ($279.5 billion), including 344.3 billion of additional oil and gas revenues, and spendings to amount to 15 513.1 billion rubles ($287.5 billion). The deficit is forecast at 430.7 billion rubles ($8 billion).

The law also specifies distribution of revenues within the budget system, programs for foreign and internal loans and guarantees, revenue administering and writing off some debts to the federal budget.

The law was passed by the parliament’s lower house State Duma on November 21 and approved by the upper house Federation Council on November 26, 2014.