The Ministry of Finance announced an increase in budget expenditures of the Russian Federation for the next 3 years. By deducting funds from the state treasury, the volume will be greater than the pre-crisis plans.
At the same time, the budget deficit is planned to be reduced from 4.4% of GDP in 2020 to 2.4% in 2021. This will help lower the figure to 1% after just a year. Finance Minister Anton Siluanov noted that by the end of 2021, the state debt of the Russian Federation will reach 20% of GDP. Such a decision is required to implement state programs for providing support to the population, as well as strengthening the economy, which were approved in the context of the coronavirus pandemic.
Siluanov does not consider the declared public debt indicator to be dangerous for the stability of the country's economy. The head of the Central Bank Elvira Nabiullina stressed that all the processes of increasing the corresponding parameter are undesirable. The expert considers the low volume of controlled public debt to be a significant advantage for the country's financial system.