Russian president signs bill into law on adjusting federal budget for 2025
MOSCOW. Nov 5 (Interfax) - Russian President Vladimir Putin has signed a bill into law on adjusting the federal budget for 2025.
The document specifies the parameters for budget revenues, expenditures and the deficit, taking into account the current macroeconomic situation and budget execution for January-August 2025.
The State Duma adopted the budget adjustment bill (N1026191-8) on October 21, and the Federation Council approved it on October 29.
Federal budget revenues will amount to 36.56 trillion rubles and expenditures 42.82 trillion rubles, while the deficit will stand at 5.74 trillion rubles (2.6% of GDP). Compared to the current law, revenues will increased by 376 billion rubles, expenditures will grow by 2.64 trillion rubles and the deficit will rise by 1.94 trillion rubles.
The oil and gas revenues of the federal budget are expected to total 8.7 trillion rubles in 2025, which is 336.48 billion rubles more than the previously forecasted value. Non-oil and gas revenues of the federal budget are estimated at 27.91 trillion rubles, which is 2.28 trillion rubles less than the previously forecasted value.
According to the explanatory materials, the adjustment is caused by a change in the socio-economic development forecast: GDP growth is expected at 1% versus the previous 2.5%, inflation at 6.8% versus the expected 7.6%, the exchange rate at 86.1 rubles/$1 versus the planned 94.3 rubles/$1 and the price of Russian oil at $58 per barrel compared to the previously $56.
Financing the budget deficit is proposed through an increase in domestic borrowings of 2.2 trillion rubles without using the funds of the National Wealth Fund (NWF).
According to government calculations, the liquid part of the NWF will amount to 4.4 trillion rubles by the end of 2025 out of a total fund of 13.6 trillion rubles.
The expenditure part of the budget is being clarified due to the need to fulfill the instructions from the president and the government. In particular, 234.9 billion rubles are provided for preferential mortgage programs (the Family, IT-Mortgage and Far Eastern programs, and others); 29.6 billion rubles for the recapitalization of PSB bank and 18.8 billion rubles for road construction.
The Russian government is granted the right to make decisions on allocating budget allocations for 2025 in the amount of 1.39 billion rubles to ensure balanced financing of certain measures in the fuel and energy sector and financial support for the implementation of certain measures in the North Caucasus Federal District, as well as in the amount of 212.2 million rubles to ensure balanced financing of certain measures in the fuel and energy sector in the Far Eastern Federal District.
