Xinhua News Agency, Moscow, November 24 (Reporter Liu Kai) The Russian State Duma (the lower house of parliament) voted to pass the 2023-2025 federal budget bill on the 24th. According to the bill, the ratio of Russia's budget deficit to gross domestic product (GDP) in the next three years will be reduced from 2% in 2023 to 0.7%.
According to the Budget Act, Russia's GDP is expected to be 149.949 trillion rubles (about 60.37 rubles per U.S. dollar) from 2023 to 2025, 159.714 trillion rubles and 170.598 trillion rubles respectively, and the inflation targets are set at no more than 5.5%, no more than 4% and not exceeding 4%.
According to the budget law, the ratio of Russia's budget deficit to GDP in 2023 will be about 2%, and it will be 1.4% and 0.7% in 2024 and 2025, respectively. The main way to cover the deficit is to issue treasury bonds.
The budget bill predicts that Russia's national debt will rise in the next three years, but the scale will be lower than 20% of GDP, "remaining at a safe level."
The budget bill shows that Russia's defense and security spending next year will exceed 9 trillion rubles, accounting for about 32% of the total budget.
The budget bill also covers transport infrastructure and comprehensive development of rural areas.
(Editors in charge: Yu Yang, Cui Yue)
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