Russian Cabinet Of Ministers Approves Draft Of New Three-Year Budget

The Russian cabinet of ministers approved on Thursday the draft budget for 2023 and the planning period for 2024 and 2025

MOSCOW (UrduPoint News / Sputnik - 22nd September, 2022) The Russian cabinet of ministers approved on Thursday the draft budget for 2023 and the planning period for 2024 and 2025.

"The draft law on the Federal budget for 2023 and for the planning period of 2024 and 2025 was approved at a government meeting. When drafting the main financial document, the cabinet of ministers proceeded from the need to fulfill social obligations to citizens and from the president's instructions," the government said on Telegram.

Earlier in the day, Russian Prime Minister Mikhail Mishustin said that the draft budget for the next 3 years provides for a balanced budget policy with maintaining demand and strong economic growth at a level above 2%.

The cabinet of ministers expects the total revenue in 2023 in the amount of over 26.13 trillion rubles ($435 billion). In nominal terms, this is less than in 2022 but significantly more than in 2021, Mishustin said. Expenses, compared to this year, will increase slightly, up to 29.56 trillion rubles. Throughout this period, the budget will be in deficit. Government borrowings will be the main source of its coverage.