Putin approves Russia’s budget for 3 years: one third goes on war

Russian President Vladimir Putin has signed the law on Russia’s federal budget for 2023 and a planned period of 2024-2025; it includes increased expenses for law enforcement officers and the war in Ukraine.

This is reported by Forbes Russia.

The latter expenses will amount to over 9 trillion roubles [approximately US$145.182 billion – ed.] in 2023, or 32% of the entire budget.

At the same time, the law signed by Putin foresees a budget deficit for the next three years; the deficit should fall from 2% GDP in 2023 to 0.7% in 2025. Government borrowings are indicated as the main source for covering the deficit.

It is also expected that Russia’s national debt will increase during 2023-2025. As of 2023, it will be approximately 26.369 trillion roubles [US$409.236 billion]; 27.679 trillion roubles [US$446.499 billion] in 2024; and 29.94 trillion roubles [US$482.972 billion] in 2025.

Nevertheless, state revenues are expected to be 26.13 trillion roubles [US$421.511 billion] in 2023, which is 17.4% of GDP; and expenses are estimated at 29.06 trillion roubles [US$468.776 billion], which is 19.4% of GDP.

In 2024, revenues are expected to be at the level of 27.24 trillion roubles [US$439.417 billion] and expenses at 29.43 trillion roubles [US$474.745 billion]. Revenues in 2025 are expected to be 27.98 trillion roubles [US$451.354 billion], and expenses 29.24 trillion roubles [US$471.680 billion].

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