Page 100 - RusRPTMar23

growth. The increase in the budget deficit could be financed from the National Wealth Fund and from large state-owned banks (to which the central bank, in turn, could provide liquidity support as needed) if direct financing from the central bank appeared too unattractive.
Main parametres 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
100 RUSSIA Country Report March 2023 www.intellinews.com