China News Agency, Moscow, September 22 (Reporter Tian Bing) Russian Prime Minister Mishustin said when presiding over a government meeting on the 22nd that Russia's 2023-2025 budget will have a deficit.
Mishustin said the government is preparing a draft budget for the next three years.
The draft budget takes into account the many challenges facing Russia, including the imposition of large-scale Western sanctions against Russia, the need for rapid responses and decisions, additional measures to support the most affected industries and vulnerable groups of citizens, accelerate economic transformation, and renew logistics and trade chain etc.
According to Mishustin, Russia's total revenue in 2023 is expected to exceed 26.13 trillion rubles.
On paper, it is lower than this year (27.693 trillion rubles), but significantly higher than last year, which was severely affected by the new crown epidemic.
Spending is expected to reach 29.056 trillion rubles next year, slightly higher than this year (29 trillion rubles).
He said that the Russian budget will have a deficit in the next three years, and the main way to make up for the problem will be government borrowing.
Mishustin also emphasized that the government should implement the tasks stipulated in the partial mobilization order signed by President Putin, which requires the government to provide financial support for the measures related to the partial mobilization order to meet the needs of the Russian armed forces and military equipment production capacity.
Russian Finance Minister Siluanov said at the meeting that the formulation of the draft budget took into account the parameters of macroeconomic forecasts, including gradual economic recovery and sustainable positive growth as early as 2024.
In addition, the draft budget takes into account the normalization of budget policy and the gradual transition to budget rules in 2025, which stipulate the basic balance of payments for the budget.
At the same time, the income calculation takes into account the basic oil and gas income of 8 trillion rubles, and the excess of the basic oil and gas income will be turned over to the National Wealth Fund.
This would reduce the budget deficit to 0.7% of GDP in 2025 from 2% in 2023.
The deficit, excluding oil and gas revenue, will fall to 5.7% in 2025 from 7.9% in 2023.
Accordingly, a fairly stable level of safety is achieved.
Siluanov said that in order to make up the budget gap, the government will take measures to increase budget revenue, including raising export tariffs on pipeline natural gas and liquefied natural gas, and may also impose export taxes on fertilizers and thermal coal in the future, as well as increasing taxes on the oil industry. And adjust the calculation method of mining production tax.
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