MOSCOW, May 13. /TASS/. Russia’s federal budget deficit amounted to 1.484 trillion rubles ($16 bln) in January-April 2024, according to preliminary figures, the Finance Ministry reported.

Revenues of the Russian budget amounted to 11.684 trillion rubles ($127 bln) in the period, which is 50.1% higher than in the previous year. Expenditures rose by 21.5% to 13.168 trillion rubles ($143 bln).

"Accelerated expenditure financing in February-April 2024 is related to fast conclusion of contracts and advance financing on certain contracted expenditures among other things," the ministry noted.

The federal budget is executed in accordance with parameters of primary structural deficit defined by the budget law, while transactions on use/formation of the NWF funds are carried out within the fiscal rule, the ministry added.

"The Finance Ministry of Russia ensures execution of instructions on implementation of the President’s address to the Federation Council, particularly regarding financing of development programs and formation of the promising financial plan for 2025-2030. The built-in parameterization of the revenue base and expenditure commitments of federal budget ensures the primary structural balance starting 2025 in accordance with fiscal rule parameters," the report said.

This will strengthen the restraining influence of transactions in the budget sector on inflation processes, while in the midterm it will support the stability of the budget system and back up Russia’s macroeconomic and financial stability, the ministry said.