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Russia will comply with budget rule in 2024, reduce budget deficit — Putin

According to the head of state, the budget deficit is expected at about 2% in 2023

VELIKY NOVGOROD, September 21. /TASS/. In 2024, Russia will comply with the new budget rule and will confidently reduce the budget deficit, President Vladimir Putin said at a meeting with heads of advanced engineering schools in Veliky Novgorod.

"Now, while working on the budget, we have come to the conclusion that somewhere in 2024 we will comply with the so-called budget rule and will confidently reduce the budget deficit to 0.7% [of GDP]," he said.

He noted that in 2023 the budget deficit is expected at about 2%.

"I think, we may not even have a two-percent deficit, maybe less or somewhere close to this [percentage], but in any case, we have resources," the President said, answering a question about the possibility the postponement of funding for a number of advanced developments.

On Tuesday, Prime Minister Mikhail Mishustin said that Russia’s budget deficit will gradually contract from 2% of GDP in 2023 to 0.7% in 2025. According to him, the Cabinet plans its budget policy "in the logic of the budget rule," which will help protect our economy from external risks.

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Russia's domestic policy

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