Bloomberg, citing the draft Russian budget for 2024, talks about the Russian Federation’s plans to increase military spending.
Next year Russia plans to spend 10.8 trillion rubles on them. In 2023, 6.4 trillion rubles have been allocated for military purposes, that is, an increase of 68.8%. The share of military spending in GDP will also increase significantly – from 3.9% to 6%. Before the invasion of Ukraine, in the last pre-war year (2021), Russia spent 3.6 trillion rubles, or 2.7% of GDP, on defense.
Secret expenditure items will increase to 11.1 trillion rubles, from 6.5 trillion rubles last year. They will amount to approximately 30% of total budget expenditures (36.6 trillion). Back in 2021, before the war, secret spending accounted for only 14.9%. Increase in classified expenses notes Bloomberg shows that the Kremlin is trying to hide the real costs of the war in Ukraine.
Social spending next year is planned to increase by 1 trillion rubles – up to 7.5 trillion. – growth will be slightly more than 15%. According to the plan, the budget deficit should be halved – from 1.8% in 2023 to 0.9% in 2024.
The Russian government is currently discussing the draft budget for 2024, as well as for the planning period 2024–2025. The document must be submitted to the State Duma for consideration by December 1.
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