In the first half of 2023, Russia’s national debt increased by 9.8% – Kommersant

In the first half of 2023, Russia’s public debt increased by 9.8% (by 2.24 trillion rubles), to 25.06 trillion rubles, TASS reported with reference to the Accounts Chamber’s report on the progress of execution of the federal budget for January-June . According to the report, public debt amounted to 16.7% of the projected GDP value for 2023.

TASS notes that the Accounts Chamber associates the increase in public debt with an increase in domestic debt on securities (by 1.39 trillion rubles), as well as with an increase in external debt by 856.1 billion rubles. Another factor is the depreciation of the ruble. “In dollar terms, it decreased by $1.18 million, or 2.1%, compared to the volume as of January 1, 2023 ($57.42 million),” the agency reported.

In July, Deputy Minister of Finance Irina Okladnikova reportedthat the Ministry of Finance intends to keep the growth of public debt within “safe limits” of 20% of GDP. According to July data, the national debt amounted to 22.8 trillion rubles. (14.9% of GDP). According to her, the growth of public debt is a “hopeless situation”, since “the expenditure side is growing.” “We need to support the economy, we need to support the military bloc, and our four new regions need significant support,” she said.

Yesterday, September 28, the Ministry of Finance published the “Main Directions of Budget, Tax and Customs Tariff Policy for 2024–2026.” It follows from the document that the country should begin to “live within its means” by 2025.

Read about budget priorities for the next three years in the Kommersant publication. “Acceleration with braking”

Polina Motyzlevskaya