Page 72 - RusRPTOct22

rubles of oil and gas and 16 trillion rubles of non-oil and gas income, while spending to 29 trillion rubles.
According to Prime Minister Mikhail Mishustin, the government is finishing drafting the budget. “We will consider today the package of documents connected with its forming, including a forecast for social and economic development, the budgets of two extra budgetary state funds and several others," he said, adding financing of partial mobilisation will be considered as well.
The draft budget envisages a balanced budget policy with demand support and confident growth of the economy by more than 2% in 2024, he said.
In 2023, budget revenue is expected at more than 26.1 trillion rubles and spending at 29.056 trillion rubles.
The Finance Ministry plans to borrow 1.747 trillion rubles through OFZ government bonds in 2023, 1.938 trillion rubles in 2024 and 2 trillion rubles in 2025.
The production of oil is expected at 515mn tonnes in 2022, 490mn tonnes in 2023 and about 500mn tonnes per year in 2024 and 2025.
Spending on healthcare is planned at 310bn rubles in 2023 and 309bn rubles in 2024, on demographics to 921bn rubles in 2023 and 886bn rubles in 2024.
Russia will raise financing of the employment program in the conditions of sanctions.
Russia’s budget deficit will amount to 2% of gross domestic product (GDP) or around RUB3 trillion in 2023, Prime Minister Mikhail Mishustin said on September 20 at a meeting of the government’s budget commission.
“Budget revenue is estimated at around RUB26 trillion next year. ... Spending is estimated at around RUB29 trillion, the budget deficit amounts to 2% of GDP or RUB3 trillion in absolute figures,” he said. The budget will have a deficit of 1.4% of GDP in 2024 and of 0.7% in 2025, he said. The government submitted the 2023–2025 federal budget draft to President Vladimir Putin on Monday.
The deficit will be covered mainly with borrowing in the next three years, Mishustin said, adding that the Finance Ministry placed 9-year OFZ government bonds last week, with demand exceeding the offer by almost two and a half times, “which allows us to move forward.” The borrowing approach will allow the government to maintain an acceptable level of sovereign debt without spending money from the National Wealth Fund, he added. The budget rule will be in force for the next three years, he said. The draft budget includes a transition period for 2023 and 2024 when spending will be higher than
72 RUSSIA Country Report October 2022 www.intellinews.com