Russian govt submits 2025-2027 draft federal budget to State Duma

MOSCOW. Sept 30 (Interfax) - The Russian government has submitted the bill "On the federal budget for 2025 and the 2026-2027 planning period" to the State Duma, and Prime Minister Mikhail Mishustin has signed the order on submitting the bill.

The federal budget should be executed at a deficit of 0.5% of GDP in 2025, 0.9% in 2026, and 1.1% in 2027, during which time the non-oil and gas deficit should reduce to 5% of GDP in 2027, by 2.5 percentage points from 2024, the press service of the cabinet of ministers said.

The draft budget is based on the baseline version of the socio-economic development forecast that envisages economic dynamics to be at a moderate trajectory of 2.5%-2.8% of GDP in 2025-2027.

Budget revenues should total 40.3 trillion rubles in 2025, 41.8 trillion rubles in 2026, and 43.2 trillion rubles in 2027. Expenditures are planned at 41.5 trillion rubles in 2025, 44 trillion rubles in 2026, and 45.9 trillion rubles in 2027.

Government borrowings will be the main sources to finance the deficit in 2025-2027. The Finance Ministry previously reported that the gross volume of funds attracted is expected to be 4.8 trillion rubles in 2025, 5.1 trillion rubles in 2026, and 5.3 trillion rubles in 2027. The national debt should consequently grow from 15% of GDP in 2023 to 18% of GDP by the end of 2027, remaining at an economically safe level of below 20% of GDP.

The federal budget envisages over 18 trillion rubles for three years to finance 19 national projects, with over 40 trillion rubles envisaged in the federal budget over six years.