The Russian Federation’s Council of Ministers is in the final stages of shaping the federal budget for the upcoming three-year cycle. President Vladimir Putin conveyed the progress during a recent briefing on the budget issue, according to the Kremlin press service.
According to the President, the government is completing its work on the draft federal budget for the next three-year period covering 2024 and the planning span of 2025 and 2026. He noted that while there are existing disagreements among Cabinet members about the budget, the window for presenting the document to the State Duma is narrow, and a decisive conclusion must be reached soon, placing a “final point” on the matter. (Kremlin press service)
Putin also highlighted a more favorable macroeconomic backdrop for the country. He described the current economic situation as generally stable and balanced, signaling that several key indicators have shown improvement in comparison with earlier forecasts. In his assessment, the trajectory is healthier than what had been anticipated in prior projections, underscoring a sense of cautious optimism about the fiscal path ahead. (Kremlin press service)
In parallel, the discourse around central banking has drawn attention. Elvira Nabiulina, who previously served as the Governor of the Central Bank of the Russian Federation, has been the subject of public discussion regarding the central bank’s policy rate decisions. Some observers have questioned why the regulator raised the policy rate to a double-digit level. The dynamics of monetary policy, including rate adjustments and their implications for inflation control and growth, remain a focal point for policymakers and market participants alike. (Kremlin press service)
The broader context for these developments is the balance between sustaining economic growth and ensuring financial stability amid evolving domestic and global conditions. As the budget process advances, analysts in Russia and observers around the world are tracking how planned expenditures align with revenue projections, debt management, and priorities across sectors such as energy, infrastructure, social programs, and defense. The outcome will shape fiscal policy direction and investment signals for the coming years. (Kremlin press service)
Experts emphasise that transparent budgeting, timely reform implementation, and disciplined spending will be essential to maintaining confidence among financial markets and the public. While some disagreements among government ministers are natural during the drafting phase, the emphasis remains on delivering a coherent document that reflects strategic objectives and feasible assumptions. The next steps involve finalizing the draft, presenting it to the State Duma for consideration, and initiating the legislative review process with the aim of enacting the budget within the planned timeframe. (Kremlin press service)