Page 133 - RusRPTAug24

6.0 Public Sector 6.1 Budget
The State Duma Committee on Budget and Taxes recommended that the lower house of parliament adopt in the second reading amendments to the law "On the federal budget for 2024 and for the planning period of 2025 and 2026," which provide for an increase in the Russian budget deficit for 2024.
The bill proposes to increase the estimate of the federal budget deficit for 2024 to 2.12 trillion rubles ($23.9bn) (1.1% of GDP) from the currently approved 1.595 trillion rubles ($18bn) (0.9% of GDP), as follows from the text of the amendments.
The income estimate was lowered from 35.065 trillion rubles ($392.5bn) (18.3% of GDP) to 35.062 trillion rubles ($392.4bn). The forecast for additional oil and gas revenues was reduced from 1.821 trillion rubles ($20.3bn) to 1.053 trillion rubles ($11.7bn).
Expenses are expected to exceed the indicators approved by law and will amount to 37.182 trillion rubles ($414bn) (19.4% of GDP) instead of 36.66 trillion rubles ($408bn). The total amount of expenses increases by 521.972bn rubles ($5.9bn) to the extent of receipt of additional non-oil and gas income, as well as an increase in proceeds from the sale of shares and other forms of participation in capital owned by the Russian Federation.
The upper limit of the state internal debt of the Russian Federation is proposed to be increased to 26.68 trillion rubles ($304.6bn) from 26.637 trillion rubles ($304.1bn), the upper limit of external debt has been reduced to $63bn from $64bn.
The new parameters of the Russian budget are based on the GDP forecast in 2024 in the amount of 191.437 trillion rubles ($2.1 trillion) and inflation of 5.1% (previously 179.956 trillion rubles ($2.03 trillion and 4.5%).
Tax revenues of the federal budget in 2024 are expected in the amount of 27.701 trillion rubles ($315bn), non-tax revenues - 6.521 trillion rubles ($74.3bn), gratuitous receipts - 839.828bn rubles ($9.5bn).
The projected volume of funds of the National Wealth Fund at the end of 2024 will increase from 11.19 trillion rubles ($127bn) up to 11.51 trillion rubles ($129bn). (by 319.7bn rubles ($3.6bn) due to exchange rate differences.
133 RUSSIA Country Report August 2024 www.intellinews.com