Vladimir Putin signed law on budget execution for 2023

Russian President Vladimir Putin signed the law executing the federal budget for 2023. The document is posted on the portal for the official publication of legal acts.

The law provides for the approval of a report on the execution of the federal budget for last year, with income of 29.124 trillion rubles (16.9% of GDP) and expenses of 32.353 trillion rubles (18.8% of GDP). Thus, the budget was executed with a deficit of 3.229 trillion rubles or 1.9% of GDP. Initially, it was assumed that the budget deficit would be 2% of GDP, RIA Novosti reports.

In absolute terms, federal budget revenues over the past year increased by 1.3 trillion rubles compared to 2022 (due to an increase in non-oil and gas revenues) and expenses by 1.235 trillion rubles.

The priorities for federal budget spending in 2023 were ensuring the defense capability and security of Russia, including social guarantees for military personnel and law enforcement officers and members of their families; fulfillment of all social obligations to Russians; promoting the achievement of the country's national development goals; implementation of measures for structural restructuring of the economy, as well as support for regional development and integration of new regions of the Russian Federation.

Bashinform reported that the State Assembly of Bashkiria adopted a law on executing the region’s budget in 2023.

The main goal of the republic's fiscal policy last year was to fulfill spending obligations promptly while maintaining a balanced and sustainable budget with an optimal tax and debt burden.

The main parameters of Bashkiria's budget in 2023 were as follows: revenues amounted to 283.4 billion rubles, expenses—300.6 billion rubles, and budget deficit—17.2 billion rubles, with a planned value of 22.4 billion rubles.

Author: Galina Bakhshieva