Draft Budget 2024–2026: Key Dates, Revisions, and Exporter Revenue Considerations

The second reading of the draft budget for 2024–2026 will take place on November 15, according to First Deputy Speaker of the State Duma Alexander Zhukov. He explained that the expected duration of the review is about six and a half hours. The plan also includes a near-term discussion of the draft federal budget for 2024–2026 and the budgets of extrabudgetary funds, with a scheduled date set for October 26. In the lead up to that, lawmakers will meet on October 24 and 25 to debate a package of budget-forming bills. These measures include proposals to raise the minimum wage and to adjust pensions through indexing. In another administrative decision, today’s regional week was canceled and the next regional forum has been moved to November 20–26. The government has also considered measures related to foreign exchange activity by exporters. The focus is on exporters and companies operating outside Russia who repatriate foreign exchange revenues earned through their foreign subsidiaries. Earlier, the draft budget showed a notable tightening of social and economic expenditures, reflecting a shift in spending priorities to align with projected revenues and macroeconomic assumptions. This process illustrates the careful balance the government seeks between social protections and the need to maintain fiscal discipline amid economic pressures. The State Duma and the government continue to coordinate on the timetable for budget deliberations, ensuring that key policy changes and cost-of-living adjustments receive timely consideration in the annual budget framework. Observers note that the upcoming sessions will be pivotal for setting funding levels that affect public services, social programs, and the broader economic outlook for the coming years. The ongoing discussions underscore a commitment to transparency in the fiscal planning process while allowing lawmakers the opportunity to scrutinize allocations, reforms, and revenue projections. The government will monitor external economic conditions and ensure that the budget remains responsive to changes in global markets and domestic needs. The eventual adoption of the 2024–2026 budget will depend on a thorough review of revenue estimates, expenditure plans, and the potential impact on inflation, employment, and growth indicators. Key decisions will shape the fiscal stance for the next two years, influencing priorities across health, education, social welfare, and infrastructure as the country navigates a complex economic environment. In summary, the upcoming meetings will set the stage for final adjustments to the budget, with officials aiming to produce a fiscally responsible and socially protective framework that supports steady national development. The official discussions continue to emphasize the importance of clear accounting for foreign exchange activities by exporters and the role these revenues play in funding public programs. Audience expectations center on decisive action that reflects both immediate needs and long-term economic resilience, as policymakers balance competing priorities within the financial plan. [Citation: TASS]