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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

the Russian Federation. • Andrey Makarov, Chairman of the State Duma Committee on Budget and Taxes. • Maksim Oreshkin — Deputy Chief of Staff of the Presidential Executive

there remains uncertainty over the specific sources of financing for future additional budget expenditure. All of this is accompanied by an upward shift of the

changing expectations about fiscal policy (uncertainty regarding specific sources of financing additional budget expenditures) and future key rate dynamics following the March decision. Interest rates

returning to the pre-crisis level, while domestic demand was fuelled by higher budget expenditures and a faster expansion of credit. Manufacturing was demonstrating significant growth

changing expectations about fiscal policy (uncertainty regarding specific sources of financing additional budget expenditures) and future key rate dynamics following the March decision. Interest rates

to progressively normalise fiscal policy in 2024–2026 and return to expenditure budgeting in accordance with the long-term parameters of the fiscal rule2 from 2025.

in April, there was an inflow of liquidity into banks associated with budget operations. The seasonal increase in demand for cash, driven by, among other

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

than take out loans. The Astrakhan Region allocates funds from the regional budget to support the agrotechnological activities to cultivate melons and gourds and grow