The State Duma adopted the “tense budget” in the first reading

Draft federal budget for 2024 and planning period 2025–2026. adopted by the State Duma in the first reading. The majority of deputies (320 people, or 71% of all voting participants) voted in favor. Minister of Finance Anton Siluanov, presenting it to deputies during the plenary session, reaffirmed the three priorities that are reflected in the country’s main financial document: ensuring defense and security, fulfilling all social obligations, and ensuring technological independence. Siluanov noted that the current draft budget is a “complex document”, work on which has been carried out since May. The government submitted the budget 15 days later than required by law, noted the head of the budget committee, Andrei Makarov.

The Minister of Finance described the budget as “tense” and noted that treasury expenses will double next year compared to 2019. The government plans to increase budget expenses by 22% in 2024 compared to this year to 36.6 trillion rubles. income – by 29% to 35 trillion rubles. As Siluanov noted earlier, the budget impulse is “huge.” In 2025, treasury receipts will amount to 33.5 trillion rubles, in 2026 – 34 trillion rubles, spending is planned at 34.4 trillion and 35.6 trillion rubles. respectively. The budget will be in deficit for the next three years: in 2024 the deficit will be 1.6 trillion rubles, in 2025 – 900 billion rubles, in 2026 – 1.5 trillion rubles. To cover it, the government plans to use funds from the National Welfare Fund in the amount of 1.3 trillion rubles. in 2024, and also increase government borrowing. The national debt will grow by about 4 trillion rubles. per year and by 2026 will amount to 40 trillion rubles. (19.8% of GDP).