Russia’s budget will end the year with a deficit of 2% of GDP
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The Russian budget deficit in 2022 will be about 2% of GDP, Finance Minister Anton Siluanov said. To minimize the expenses of the National Wealth Fund (NWF), the Ministry of Finance intends to focus on the use of federal loan bonds (OFZ). According to the budget package, the deficit at the end of 2022 was expected in the amount of 1.3 trillion rubles, or 0.9% of GDP. But already after the package was submitted to the State Duma, Mr. Siluanov explained that “most likely” this figure would be more significant.
“Since we are now carrying out large operations in the financial market, and at the end of the year a fairly significant amount of budget expenditures will be made, including partly at the expense of next year’s expenditures, therefore this year we estimate the budget deficit at about 2% of GDP. Next year, let me remind you, according to the plan, we have about the same deficit, ”said Mr. Siluanov (quoted by TASS).
In addition, Mr. Siluanov noted that the ministry intends to reduce the costs of the NWF by entering the debt market and using OFZ. The Ministry of Finance intends to use the funds of the National Welfare Fund, first of all, for investments in infrastructure projects, the minister specified.
December 5 President Vladimir Putin signed law on the federal budget for 2023-2025 with a gradual reduction in the deficit from 2% to 0.7% of GDP. The document provides for Russian budget expenditures in 2023 at the level of 29 trillion rubles, in 2024 – 29.4 trillion rubles, and in 2025 – 29.2 trillion rubles. Budget deficit in 2023, the government decided fully cover with government loans, as well as funds from the NWF.
As of November 1, the volume of the NWF amounted to 11.374 trillion rubles, having increased by 582 billion rubles. compared to October.
Read more about the new budget – in the material “Kommersant” “Budget by deferred rules”.
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