Budget revenues from income tax es and other non-oil-and-gas sources have been sharply reduced. Even during the COVID-19 pandemic, the total deficit sustained by the regional budgets did not exceed half this sum. The Russian Central Bank expects the final regional budget figures to show a deficit of 1.2 percent of GDP. Regional budgets are also experiencing great difficulties. The government is no longer trying to save some of the oil and gas revenues in the NWF, spending revenues from the price of oil below $62 (previously the cutoff threshold was $45). About 0.6 billion rubles from the National Welfare Fund (NWF) was spent to finance the deficit. There is nothing left of the surplus, which was about 1.5 trillion rubles at the beginning of the summer. In 2022, military expenditures may exceed 5 percent of GDP, the maximum since the collapse of the USSR.Īccording to Russian Ministry of Finance forecasts, in 2022 the deficit may reach 2 percent of GDP. This is only part of military spending, which in the Russian budget is disguised as spending on health care, education, pensions, industry, and so on. Though the actual execution of the budget after the start of the war was classified, it is likely that real spending on the war exceeded that level by September. Military spending in 2022 was anticipated to reach 3.5 trillion rubles. Russia’s expenditures on the war are rising rapidly. Careers, Fellowships, and Internships Open/Close. ![]() Wahba Institute for Strategic Competition. ![]()
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