The planned target for Russia's revenue in 2024 is unlikely to be achieved, as outlined in the budget plan. The government may have to consider alternative policy measures to finance the planned expenditures.
This information is reported by the Ministry of Defence of the United Kingdom on Twitter.
As summarized, the Russian government has ambitious plans to increase expenditures by 26% in 2024. This is based on optimistic expectations of a 22% increase in revenue, with anticipated growth in oil and gas revenues by almost 25%.
However, according to British intelligence, the Russian government may need to cut its contributions to the National Welfare Fund and increase domestic taxes and debt to fund the planned expenditures.
"These policies will almost certainly have adverse effects on the economy in the medium to long term by maintaining inflationary pressures or constraining future economic growth. The National Wealth Fund is ostensibly for the long-term economic welfare of the Russian people but is increasingly being used to fund its invasion of Ukraine, with the value of its assets falling 10 per cent in 2023," notes the UK Ministry of Defence.
