Russian govt approves 3-year draft budget
MOSCOW. Sept 22 (Interfax) - The Russian government approved the draft federal budget for 2023 and the 2024-2025 planning period at a meeting on Thursday, the government said on Telegram.
Federal budget revenue is expected at 26.13 trillion rubles in 2023 and expenditures at 29.056 trillion rubles. The deficit is projected at around 2.9 trillion rubles, or 2% of GDP, and there are plans to finance it mainly through internal loans, Finance Minister Anton Siluanov said at the meeting.
The non-oil and gas federal budget deficit is projected to total 7.9% of GDP in 2023.
"The draft budget takes into account normalization of budget policy and a gradual transition to fiscal rules that envisage a primary budget balance in 2025: revenue will equal expenditures without taking into account expenditures on servicing government debt. At the same time, base oil and gas revenue is taken into account in the calculation of revenue at 8 trillion rubles, and everything that comes in above that will be sent to the National Wealth Fund. This will allow for a reduction in the budget deficit from 2% of GDP in 2023 to 0.7% of GDP in 2025," Siluanov said.