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the state budget (about 2% of GDP) was recalled after a wave of protest. New draft provides for a more modest increase of budget funds

in 2022. The main reason why the budget deficit remained high was the continuing increase in federal budget expenditures that rose by 4.0% YoY

billion) and the amount of the NWF funds spent to finance the budget deficit outside the fiscal rule for 2023 (Р2,900 billion). The specified

taxes1 were transferred to the budget. The Bank of Russia’s profit for 2023 was also transferred to the budget. The FT promptly invested most

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

Voronezh, Vladimir, and Smolensk Regions. Owing to higher pressure on the payroll budget, companies applied non-financial incentives more often in order to retain employees. For

Q4 growth. One of the factors behind this performance was expansion in budget spending, which was, on top of this, carried out ahead of the

in tax policy mean that higher budget expenditures in the coming years will be funded from higher consolidated budget revenues. These decisions are in line

A.1)-(A.2). They maximize expected utility function (A.1) with budget restriction (A.2). Z C / Z C ,t t s trY ,t

of funds into the budget system at all levels are set to exceed the past October’s estimates for a three-year budget. This is attributed