The Russian Ministry of Finance has completed work on the preparation of the country’s budget for 2023-2025. The agency defended the initiative of a gradual but prompt transition to the budget, setting a higher, but still limited level of oil prices – about $60 per barrel. This is supposed to be the way the budget is carefully planned and protected from predictable surprises. “Kommersant”.
The publication emphasizes that with low global GDP growth, the budget deficit in the Russian Federation will be financed from the National Welfare Fund (NWF). In addition, the Russian Ministry of Finance plans to provide reserves for any likely development scenario in the international economy.
Also, the department has taken a rather cautious position at the moment due to the ambiguous results on budget execution last month. Because of this, the results of September are likely to be deficit, despite the fact that before that the budget received excess profits from the sale of oil and gas. At the same time, the main volumes of the income deficit can be transferred to the next year. But it is not clear to experts at the moment whether it is worth including in the budget design a reduction in world GDP and an energy crisis scenario.
Despite the fact that the Ministry of Finance intends to provide reserves for any likely development scenario in the international economy, the Ministry of Economy considered that it was necessary to prepare the ground for further growth in advance, despite the situation in the global economy.
Earlier it was reported that Russian President Vladimir Putin said that the country’s budget should meet priority challenges.
