Siluanov spoke of an increase in budget spending over 24 years compared to the plan

MOSCOW, July 19 (Reuters) – Russia’s 2024 federal budget spending will exceed the level set in the current budget law as the Finance Ministry waits for more non-oil and gas revenues, Russian Finance Minister Anton Siluanov told Interfax.

“We now have a better macroeconomics. We see that this year it will be better with income, and next year it will be better, so expenses will increase,” Siluanov said.

He did not name the amount of possible overruns, saying the government was still discussing the proposals and that the total amount of spending “in the first place” would depend on the revenue plan.

In the budget act for 2023 and the planning period 2024-2025, expenditures for the next year are set at 29.43 trillion rubles.

Siluanov did not answer the question whether the level of the budget deficit for 2024 in the new budget will deviate from the plan of 2.2 trillion rubles, or 1.4% of GDP in the current law.

“We are discussing the parameters depending on the tasks that will be set for next year,” Interfax quotes the minister. (Daria Korsunska)