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Russian government approves draft budget for three years

The federal budget revenues are projected at 35 trillion rubles ($364 bln) in 2024

MOSCOW, September 22. /TASS/. The Russian government has approved the draft federal budget for the next three years. The Cabinet of Ministers reported about it on its Telegram channel.

"The draft federal budget for 2024 and for the planning period of 2025 and 2026 was approved at a government meeting," the statement said.

The federal budget revenues are projected at 35 trillion rubles ($364 bln) in 2024, 33.5 trillion rubles ($368 bln) in 2025, 34.1 trillion rubles ($354 bln) in 2026. Expenses are expected at 36.6 trillion rubles, 34.4 trillion rubles and 35.6 trillion rubles, respectively.

The federal budget expenses will be 36.6 trillion rubles ($381 bln) in 2024; 34.4 trillion rubles ($358 bln) in 2025; 35.6 trillion rubles ($370 bln) in 2026.

That means that the deficit can reach 1.6 trillion rubles ($16.6 bln) in 2024, 0.9 trillion rubles ($900 bln) in 2025, 1.5 trillion rubles ($15.6 bln) in 2026.

As Russian Prime Minister Mikhail Mishustin noted, the authorities tried to minimize the deficit as much as possible.

The government singled out the following priority areas for the planning period: social support for the most vulnerable categories of citizens, strengthening the country's defense capability, integration of new regions, technological development and infrastructure expansion. In addition, the draft budget envisages funding for all state obligations to citizens.

After approval by the government, the draft budget is submitted to the State Duma, lower house of the Russian parliament. Under the law, the Cabinet of Ministers must do this before October 1. The document is then reviewed by the parliament and finally signed by the President.

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