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Cabinet approves Russia’s draft budget for next three years

According to the document, revenues next year are estimated at about 26 trillion rubles ($436 bln), expenses - at 29 trillion rubles ($487 bln)

MOSCOW, September 22. /TASS/. The Russian government approved the draft federal budget for 2023-2025. The document must be submitted to the State Duma, lower house of the Russian parliament, until October 1.

"The bill on the federal budget for 2023 and for the planning period of 2024 and 2025 was approved at a government meeting," the cabinet of ministers' Telegram channel reported on Thursday.

According to the document, revenues next year are estimated at about 26 trillion rubles ($436 bln), expenses - at 29 trillion rubles ($487 bln). The deficit, according to forecasts, will be about 2% of GDP, or about 3 trillion rubles ($50.4 bln). The government plans to balance the deficit mainly through borrowing. The budget deficit is expected to gradually decrease to 0.7% in 2025.

When forming the main financial document, the Cabinet of Ministers proceeded from the need to fulfill social obligations to citizens and the instructions of the President.

As Russia’s Prime Minister Mikhail Mishustin noted, the drafted budget guarantees the fulfillment of all social obligations to people. It also includes resources for strategic tasks: in the next two years, it is planned to allocate approximately 3 trillion rubles for the implementation of national projects. The main financial document of the country also implies a transition to strong economic growth in 2024 at a level above 2%.

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