PM: Russia’s budget deficit at 3.3 tln rbl, to shrink soon

MOSCOW, Mar 23 (PRIME) -- The deficit of Russia’s budget amounted to 3.3 trillion rubles as of March 8, but it will narrow down gradually during the year in accordance with the budget parameters, Prime Minister Mikhail Mishustin said on Thursday presenting a report on the government’s work in 2022 to the parliament’s lower chamber State Duma.

Budget revenue amounted to 3 trillion rubles as of the date, while spending reached 6.3 trillion rubles, he said.

“In this sense, deficit will gradually come into line with the budget parameters. You know that the 2023 budget includes a 2% deficit to be covered mainly by local debt, and we can also use the National Wealth Fund,” he said.

The reason for the wide deficit is that the government decided to transfer some spending to the beginning of the year so that the money starts working from January 1, not later. The advanced prepayments grew by 52% on the year in 2023, he said.

Russia’s state debt amounts to 15% of GDP, which is a very comfortable level.

“The short-term budget deficit and a slight growth of sovereign debt are of no threat to us,” Mishustin said.

(76.9561 rubles – U.S. $1)

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