The government approved the draft law on the budget for 2022-2024, planned in connection with the economic growth in the country. The bill will be submitted to the State Duma by October 1, the government’s press service wrote on Telegram. The budget provides for a surplus of up to 1% of GDP in the first two years; from 2024, a deficit of up to 0.2% of GDP is expected.
Federal budget revenues for the period 2022, 2023 and 2024 are calculated at more than 25 trillion rubles, said Russian Finance Minister Anton Siluanov at a government meeting. “This is significantly higher than the budget parameters that we planned earlier,” he said, linking the more optimistic calculation to the economic recovery.
“The volume of federal budget expenditures … is 23.6 trillion rubles in 2022, 25.1 trillion rubles in 2023, and 26.1 trillion rubles in 2024. That is, almost an annual increase in expenditures is 1 trillion rubles. and more, ”the minister said.
Mr. Siluanov said that the draft budget meets the objectives and national development goals. “All decisions that have been identified by the president and the government for the implementation of these initiatives have been fully funded from the budget,” he said. The Minister of Economy noted that the Russian budget for 2022-2024, in particular, provides for:
- measures to support the population to reduce poverty;
- construction of schools and campuses;
- treatment of children with life-threatening diseases;
- liquidation by 2025 of the emergency housing stock, in which about 500 thousand citizens live;
- strategic initiatives “Electric Vehicle”, “Hydrogen Car”, “Advanced Engineering Schools”, “Clean Energy”, “New Nuclear Energy”;
- creation of a line of new civil aircraft; development of the electronic and radio-electronic industry;
- ensuring national defense, security and law enforcement;
- reserve for measures to combat coronavirus.
The explanatory note to the draft Russian federal budget until 2024 states that in 2021 Russia’s GDP will grow by 4.2%, in 2022-2024 – by 3%. The authorities expect inflation to be 5.8% by the end of this year, and 4% in the next three.
Earlier, Mr. Siluanov said that the federal budget for 2022-2023 will be drawn up as a surplus – with a 1% surplus in 2022 and 0.3% in 2023. According to him, the 2024 budget was planned with a “small” deficit.
For more details on the expenditures and revenues of the federal budget of Russia in 2020, see the article by Kommersant “The budget has mastered the coronavirus crisis”.