The Ministry of Finance has returned the rule for calculating oil and gas revenues based on the base oil price
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The Ministry of Finance proposed returning to the usual parameters for calculating minimum oil and gas revenues – from 2024, the indicator will be determined based on the base price of oil at $60 per barrel, reported head of the department Anton Siluanov.
“If this year we calculated basic oil and gas revenues based on a nominal figure of 8 trillion rubles, then next year we propose to return to the usual parameters for calculating basic oil and gas revenues based on the basic oil price,” the minister noted.
He also explained that when forming budget parameters, the Ministry of Finance relied on the forecast of socio-economic development with positive dynamics in the economy. According to the forecast, within three years the growth rate will exceed 2%. Budget policy for the next year was planned with the expectation of a gradual transition to the primary budget balance in 2025, Siluanov emphasized.
According to the draft budget, federal treasury revenues in 2024 should amount to 35 trillion rubles. (19.4% of GDP), expenses – 36.6 trillion rubles. (20.4% of GDP). The Cabinet of Ministers expects that non-oil and gas revenues next year will be twice as high as oil and gas revenues. The government set the maximum projected amount of expenses at 36.6 trillion rubles.
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