Page 58 - RusRPTOct21

privatisation are small, limited to RUB3.9bn in 2022, as well as another RUB0.9bn in 2023.
The currentorrowing plan for 2022-24
MinFin guides for gross OFZ issuance of RUB3.2tn in 2022, RUB3.3tn in 2023 and RUB4.0tn in 2024.
MinFin plans to issue up to $3bn per year in each of the coming three years, but we note that this is not a binding commitment – MinFin can and does choose depending on the perceived market conditions.
The just-unveiled parameters of the 2021-23 federaludget were generally in line with what was previously disclosed in the media.
Revenues are expected to climb to RUB18.8 trillion in 2021, up from RUB17.9 trillion in 2020, and then rise to RUB20.6 trillion in 2022 and RUBR22.3 trillion in 2023.
In the new 3-year budget from the Ministry of Finance, the 2022 tax take is expected to rise 1.59 trillion rubles ($21.7illion). That's a 6.8% increase, roughly in line with inflation expectations,but more than double the expected 3% GDP growth.ut the projected surplus is 1.41 trillion rubles – taxes being raised by businesses and households to create a surplus while spending declines in real terms.
Expenditures will shrink to R21.5 trillion in 2021, down from R22.6 trillion in 2020. The higher spending this year was due to measures taken to combat the pandemic. Nominal expenditures are then slated to rise to R21.9 trillion in 2022 and to R23.7 trillion in 2023.
As a result of these plans, he budget deficit is expected to shrink to RUB2.8 trillion (2.4% of GDP) in 2021, versus RUB4.7 trillion (4.4% of GDP) in 2020. In 2022-23, the deficit is set to stabilize at RUB1.2-1.4 trillion (1.0-1.1% of GDP).
The main source of financing the deficit in 2020-23 will be borrowing, which will even exceed the budget deficit over all three years. Next year, netorrowing is expected to slide to R2.9 trillion, down from R4.4 trillion this year. In 2022-23, it
58 RUSSIA Country Report October 2021 www.intellinews.com