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contracted. In March, we said that lending dynamics were significantly affected by budget spending. Today, we can see that the impact of this factor has

budget expenditure after a surge in January on the back of advance payments for performing government contracts: the recipients of advance payments from the budget

of Russia’s standing facilities. Source: Bank of Russia calculations. In general, budget operations led to an insignificant outflow of liquidity, as the Bank of

operations. Institution’. Regional and local budget funds are treasury accounts balances of the regional budgets and local budgets. Other budget funds are total funds of

over future budget expenditures and revenues, considering current price trends in commodity markets, among other factors. Nevertheless, many participants noted that the budget would be

Р1.5 trillion worth of credit lines for taxonomy projects, while the budget for approved projects is about Р3 trillion. We can see that this

where they planned an event, factored in possible losses, and allocated the budget correctly. The share of Olympiad participants that coped with the task amounted

factor might be the Russian Government’s plan to reduce the federal budget deficit. The MPD also identifies risks to the baseline forecast — events that

year, the budget system was making larger advance payments under government contracts, and many pointed to the budget deficit. Nonetheless, we assume that budget spending

beginning of the year, largely due to a seasonal factor, i.e. budget payments under public procurement contracts. Tight monetary policy also constrained growth in