State Duma will consider draft federal budget for 2023-2025

The draft law on the federal budget for 2023 and the planning period for 2024 and 2025 has been submitted to the State Duma for consideration. Russian Prime Minister Mikhail Mishustin signed the corresponding order.

When drafting the bill on the budget, the government proceeded from the need to fully fulfill social obligations to the Russians and the instructions of the head of state, the government's official statement says. These are, in particular, targeted support for families with children, the payment of benefits to pregnant women experiencing financial difficulties, in-depth medical examinations, and the development of medical rehabilitation programs. The necessary funds are also provided for the provision of free medical care throughout the country. Increased funding to support the sustainable operation of regional hospitals and clinics.

The draft budget was drawn up based on the basic version of the socio-economic development forecast. It implies a transition to strong economic growth in 2024 at a level above 2 percent.

“Revenues in 2023 will amount to 26.13 trillion rubles, in 2024 - 27.24 trillion rubles, in 2025 - 27.98 trillion rubles. Expenses in 2023 are planned at the level of 29 trillion rubles, in 2024 - 29.43 trillion rubles, and 2025 - 29.24 trillion rubles. Of these, it is proposed to allocate 20.64 trillion rubles for the implementation of state programs in 2023, 20.86 trillion rubles in 2024, and 20.29 trillion rubles in 2025,” the press service of the Russian government said.

According to the draft main financial document, in the next two years, the budget will be in deficit (-2% of GDP in 2023, -1.4% in 2024, and -0.7% in 2025). Government borrowings will be the main source of its coverage.

Author: Veronika Nikitina