Page 72 - RusRPTJun21

The consolidated budget turned into a sizeable surplus in March. This reduced the deficit of the last 12 months, which had been quite deep in the early months of the year, back to a figure of around 4% of GDP in late autumn.
In his address to Parliament this spring, President Vladimir Putin proposed in particular an increase in some social benefits worth RUB400bn ($5.44bn), but on the other hand, all the proposed increases have been taken into account in this year's federal budget, according to Finance Minister Anton Siluanov.
Compared to the above guidelines, the expenditures of regional budgets may increase somewhat already this year, e.g. because the regions are to be granted long-term budget loans for infrastructure from federal funds. Any existing new fiscal guidelines have not yet been published.
Main parameters of 2021-2023 federal budget
2020
2021
2022
2023
Revenues RUB trillion
17.9
18.77
20.64
22.26
Expenditures RUB trillion
22.6
21.5
21.9
23.7
Budget deficit RUB trillion
-4.7
-2.8
-1.2-1.4
-1.2-1.4
Budget deficit % GDP
-4.4
-2.4
-1.0-1.1
-1.0-1.1
State borrowing RUB trillion
5.2
3.7
2.1-2.4
2.1-2.4
GDP nominal value RUB trillion
115.53
124.22
132.82
Urals price - fiscal rule $
43.3
44.2
45
Urals price - budget assumption $
45.3
46.6
47.5
Assumed OPEC+ budget adjustment RUB bn
91
703
787
NWF year end balance RUB trillion
12.49
12.64
13.47
Source: Ministry of Finance
72 RUSSIA Country Report June 2021 www.intellinews.com