Siluanov: the priority of the budget for 2024-2026 will be social issues

The main priority of the Russian budget for 2024-2026. are social issues. This was stated by Russian Finance Minister Anton Siluanov during a speech at a meeting of the State Duma Committee on Budget and Taxes. The broadcast was on the State Duma website.

“Many people say: “What do we have now, a military budget?” No, colleagues. Yes, expenditures have been increased in the military direction, but priority in budget expenditures is given to social issues,” he emphasized.

At the end of September, Siluanov presented a draft federal budget for 2024-2026. He noted that it includes funds for social support for citizens, technological development and expansion of infrastructure, as well as strengthening the country’s defense capability and the full integration of new regions.

Annually more than 2.5 trillion rubles. allocated for the implementation of decisions contained in the President’s message to the Federal Assembly. Just under 3 trillion rubles are allocated for the implementation of the national projects “Demography”, “Safe quality roads”, “Healthcare”, “Education”, “Digital Economy”. More than 760 billion rubles are allocated for the implementation of socio-economic development initiatives.

At the same time, Minister of Economic Development Maxim Reshetnikov gave a forecast of socio-economic development for 2024 and the planning period of 2025 and 2026. According to the ministry, in 2023 GDP growth will be about 2.8%, and in 2024 – 2.3 percentage points. It is assumed that the price of Brent oil in 2023 will be $83.5 per barrel. In 2025, the figure will rise to $85 per barrel, and by 2026 it will drop to $76. Export prices for Russian oil will remain at $70 per barrel.

According to the forecast, by the end of 2023 the ruble will strengthen at around 94 rubles/$, in 2024–2026. – at the level of 90-92 rubles/$. It is expected that inflation growth will slow down to 4.5% by the end of 2024, and reach 4% in 2025.

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