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Federal budget spending in 2022 will amount to “more than 30 trillion” rubles, compared to 29 trillion expected at the time the draft budget for the next three years was submitted to the State Duma. According to RBC, this was stated by Finance Minister Anton Siluanov.
Last year, federal budget expenditures amounted to 24.8 trillion rubles, which means that the nominal growth of expenditures can reach 21–25%, with inflation expected to be around 12% at the end of 2022 and about 14% on average per year.
According to Siluanov, already during the budget process, when the draft budget was in parliament, “a number of expenses” for 2023 arose that could not be taken into account in the draft. “We see an opportunity to spend a number of next year’s expenses in the current one,” the minister said. “In order not to disrupt the entire budget process, we have decided to compensate for these additional expenses this year.”
Thus, the budget deficit in 2022 will reach 2% of GDP instead of the originally planned 0.9% of GDP.
A deficit of 2% of GDP is still planned for next year. In addition, plans remain to reduce the deficit to 0.7% of GDP in 2024 in order to reach the normalization of fiscal policy by 2025, Siluanov said.
According to the minister, some of these additional expenses from 2023, carried over to 2022, are of a social nature. Part of it refers to confidential appropriations that are not subject to disclosure, the minister made it clear.
Source: Rosbalt
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