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Russia’s budget sees significant increase in spending over 5 years — Finance Minister

Anton Siluanov also recalled that the budget deficit in the upcoming three-year period will not exceed 1% and is safe

MOSCOW, October 26. /TASS/. Spending of Russia’s federal budget will double over five years, starting from 2019, Finance Minister Anton Siluanov said at a plenary meeting in the State Duma, lower house of parliament.

"Next year, federal budget expenditures will amount to 36.6 trillion rubles ($391 bln). This is a huge resource. Compared to 2019, the volume of expenditures will double," he said.

He clarified that funds to increase spending will come to the budget through the adoption of a plan to mobilize the revenue base, additional revenues from improving the administration of indirect taxes, further steps to fine-tune the oil and gas sector.

Siluanov also recalled that the budget deficit in the upcoming three-year period will not exceed 1% and is safe.

The Russian government approved the draft federal budget for the next three years. Budget revenues of the Russian Federation are projected at 35 trillion rubles ($373 bln) in 2024, 33.5 trillion rubles ($357 bln) in 2025, 34.1 trillion rubles ($363 bln) in 2026. Expenses are expected at 36.6 trillion rubles ($389 bln), 34.4 trillion rubles ($366 bln) and 35.6 trillion rubles ($379 bln), respectively. The deficit could reach 1.6 trillion rubles ($17 bln) in 2024, 0.9 trillion rubles ($9.5 bln) in 2025 and 1.5 trillion rubles ($1.6 bln) in 2026. As Russian Prime Minister Mikhail Mishustin stated, the authorities tried to minimize the deficit as much as possible.

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