MOSCOW, September 29. /TASS/. Russia’s government has submitted a draft federal budget for the next three years to the State Duma (lower house of the parliament).

"The bill on federal budget for 2024 and the planned period of 2025 and 2026 has been submitted for the State Duma’s consideration. The decree on its submission has been signed by Prime Minister Mikhail Mishustin," the cabinet’s press service said.

The country’s key financial document rests on baseline forecast of socio-economic development, which suggests annual economic growth in Russia by more than 2%. The budget runs a deficit, with expenditures in excess of revenues potentially reaching from 0.9 to 1.6 trillion rubles in different years.

Federal budget revenues are projected at 35 trillion rubles ($358 bln) in 2024, 33.5 trillion rubles in 2025, and 34.1 trillion rubles in 2026. Budget expenditures are expected at 36.6 trillion rubles ($374 bln), 34.4 trillion rubles and 35.6 trillion rubles, respectively. Those parameters are much higher that projected a year ago. According to the previous budget law, expenditures were expected at 29.4 trillion rubles in 2024 and 29.2 trillion rubles in 2025, while revenues were projected at 27.2 trillion rubles and 27.9 trillion rubles, respectively.