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Russian government submits draft budget for 2023-25 to State Duma

It is emphasized that the deficit, according to forecasts, will be about $51 bln

MOSCOW, September 28. /TASS/. The Russian government has sent draft federal budget for 2023 and planning period 2024-2025 to the State Duma, lower house of parliament, the press service of the Cabinet of Ministers announced on its Telegram channel on Wednesday.

According to the document, federal budget spending will amount to 29 trillion rubles ($494 bln) in 2023, 29.4 trillion rubles ($501 bln) in 2024 and 29.2 trillion rubles ($497 bln) in 2025.

Federal budget revenues will amount to 26.1 trillion rubles ($445 bln) in 2023, 27.2 trillion rubles ($463 bln) in 2024 and 27.9 trillion rubles ($474 bln) in 2025.

The deficit, according to forecasts, will be about 2% of GDP, or about 3 trillion rubles ($51 bln). It is expected to close it mainly through borrowing. The budget deficit is expected to gradually decrease to 0.7% in 2025.

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