Russia’s budget deficit preliminarily totals $10 bln in January-June
The ministry also noted that execution of instructions on implementation of the President’s Address to the Federal Council, including regarding financing of programs for development and formation of perspective financial plan for 2025-2030, is ensured.
Russia’s federal budget deficit amounted to 929 bln rubles ($10.6 bln), or half a percent of GDP projected for this year, in January-June 2024, according to preliminary figures, the Finance Ministry reported.
"In January-June 2024 the federal budget was running a deficit amounting to 929 bln rubles, which is 1.421 trillion rubles lower than in the same period last year. Consequently, the federal budget is executed in accordance with parameters of primary structural deficit determined by the law on the budget, while transactions on use/formation of funds of the National Wealth Fund are carried out within the fiscal rule mechanism," the report said.
Budget revenues amounted to 17.093 trillion rubles ($195 bln) in the reporting period, which is 38% higher than last year. Expenditures gained 22.3% to 18.022 trillion rubles ($205 bln).
The ministry also noted that execution of instructions on implementation of the President’s Address to the Federal Council, including regarding financing of programs for development and formation of perspective financial plan for 2025-2030, is ensured.
"The built-in parameterization of the revenue base and expenditure commitments of federal budget ensures the primary structural balance starting 2025 in accordance with fiscal rule parameters. This will strengthen the restraining influence of transactions in the budget sector on inflation processes, while in the midterm it will support the stability of the budget system and back up Russia’s macroeconomic and financial stability," the ministry said.
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Russia’s federal budget deficit amounted to 929 bln rubles ($10.6 bln), or half a percent of GDP projected for this year, in January-June 2024, according to preliminary figures, the Finance Ministry reported.
"In January-June 2024 the federal budget was running a deficit amounting to 929 bln rubles, which is 1.421 trillion rubles lower than in the same period last year. Consequently, the federal budget is executed in accordance with parameters of primary structural deficit determined by the law on the budget, while transactions on use/formation of funds of the National Wealth Fund are carried out within the fiscal rule mechanism," the report said.
Budget revenues amounted to 17.093 trillion rubles ($195 bln) in the reporting period, which is 38% higher than last year. Expenditures gained 22.3% to 18.022 trillion rubles ($205 bln).
The ministry also noted that execution of instructions on implementation of the President’s Address to the Federal Council, including regarding financing of programs for development and formation of perspective financial plan for 2025-2030, is ensured.
"The built-in parameterization of the revenue base and expenditure commitments of federal budget ensures the primary structural balance starting 2025 in accordance with fiscal rule parameters. This will strengthen the restraining influence of transactions in the budget sector on inflation processes, while in the midterm it will support the stability of the budget system and back up Russia’s macroeconomic and financial stability," the ministry said.
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