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Federation Council approves law on federal budget for 2024-2026

The decision was made unanimously, 154 senators voted to approve the law

© Valery Sharifulin/TASS

MOSCOW, November 22. /TASS/. The Federation Council approved the law on the federal budget for 2024 and the planning period 2025-2026 at a plenary meeting on Wednesday,

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State Duma adopts law on Russia’s federal budget for 2024-2026

The decision was made unanimously, 154 senators voted to approve the law.

According to the document, federal budget revenues are projected at 35.065 trillion rubles ($397 bln) in 2024, 33.552 trillion rubles ($380 bln) in 2025 and 34.051 trillion rubles ($385 bln) in 2026. Expenses are expected at 36.66 trillion rubles ($415 bln), 34.382 trillion rubles ($389 bln) and 35.587 trillion rubles ($403 bln) respectively. The federal budget deficit will amount to 1.595 trillion rubles ($18 bln) in 2024, 0.83 trillion rubles ($9.4 bln) in 2025 and 1.536 trillion rubles ($17.4 bln) in 2026.

GDP is expected to grow by 2.3% in 2024 to 179.956 trillion rubles ($2 trillion), by 2.3% in 2025 to 190.637 trillion rubles ($2.1 trillion), by 2.2% in 2026 to 202.304 trillion rubles ($2.3 trillion).

The upper limit of government internal debt will be 26.637 trillion rubles ($302 bln) as of January 1, 2025, 30.159 trillion rubles ($342 bln) as of January 1, 2026, and 34.356 trillion rubles ($389 bln) as of January 1, 2027.

The upper limit of public external debt will be 64 billion US dollars (57.6 billion euros) as of January 1, 2025, $63.1 billion (56.3 billion euros) as of January 1, 2026, $61.2 billion (54.6 billion euros) as of January 1, 2027. Inflation is forecast at 4.5% in 2024, 4% in 2025, and 4% in 2026.

The volume of the National Wealth Fund at the beginning of 2024 will be 12.177 trillion rubles ($138 bln) (6.8% of GDP), at the beginning of 2025 - 11.190 trillion rubles ($126 bln) (5.9% of GDP), at the beginning of 2026 - 13.002 trillion rubles ($147 bln) (6.4% of GDP).

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