UPDATE 2: Govt submits revised draft 2022–2024 budget to State Duma

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MOSCOW, Sep 30 (PRIME) -- The government has submitted a draft budget for 2022–2024 with revised spending figures for consideration by the State Duma, Russian parliament’s lower house, it said in a statement on Thursday.

Spending is planned at 23.69 trillion rubles for 2022, 25.24 trillion for 2023, and 26.35 trillion for 2024, which is a rise by 80 billion rubles, 134 billion rubles and 203 billion rubles, respectively, from the version, discussed by the government on September 21.

Revenue remained unchanged at 25.02 trillion in 2022, 25.54 trillion in 2023, and 25.83 trillion rubles in 2024.

“According to the project, budget will have a surplus in the next two years,” the government said.

As seen by PRIME in supplementary documents to the draft budget, the Finance Ministry revised its outlook for the budget surplus in 2022 to 1% of gross domestic product (GDP) from a surplus of 1.1% expected earlier. The surplus is estimated at 1.33 trillion rubles in 2022.

The outlook for 2023 was revised to a surplus of 0.2% of GDP from a surplus of 0.3%, and for 2024 to a deficit of 0.3% of GDP from a deficit of 0.2% of GDP. The surplus is estimated at 300 billion rubles in 2023 and the deficit is estimated at 520 billion rubles in 2024.

The project is based on Russia’s social and economic development outlook, which encompasses a 3% rise in gross domestic product (GDP) annually to 133.3 trillion rubles in 2022, 141.9 trillion rubles in 2023, and 151.5 trillion rubles in 2024.

As seen by PRIME in supplementary documents to the draft budget, higher mineral extraction taxes on metals, coal and raw materials for fertilizers, and introduction of an excise duty on steel will bring additional income of 179 billion rubles to the budget in 2022, 173 billion rubles in 2023, and 170 billion rubles in 2024, but will also result in a shortfall of up to 30 billion rubles annually in the budgets of Russia’s regions.

(72.7608 rubles – U.S. $1)

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