Revamping Russia’s Fiscal Shortfall: A Path to Improved Finances

Preliminary estimates by the Russian Ministry of Finance showed that the country’s budget in the period from January to March 2023 recorded a deficit of 2.4 trillion rubles, and thus the budget recorded a slight improvement.

The ministry said that budget expenditures increased by 34% from January to March 2023 to 8.077 trillion rubles, while revenues for the same period amounted to 5.677 trillion rubles, a decrease of 21% compared to the same period in 2022.

“The budget system as a whole shows a positive trend in revenues on an annualized basis,” the Russian ministry said in a statement.

For comparison, the budget deficit of Russia for the first two months of this year (January and February 2023) was at the level of 2.581 trillion rubles, and the budget for the specified period last year recorded a surplus of 415 billion rubles.

And in February last year, Russian Finance Minister Anton Siluanov confirmed that all spending commitments in the Russian budget planned for 2023 would be met, stressing that there were enough resources to do so.

And last month, the Russian Finance Ministry left its forecasts for the budget deficit unchanged and said that the deficit in 2023 would not exceed 2% of GDP.

Source: News + Interfax

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