Russia’s state debt will not exceed 16% of GDP in 2022-24, according to a Finance Ministry document seen by TASS.
This year, it is expected to stay at the same level, as in the previous year. In 2023, the share of the debt will slightly decrease to 15.9%, and in 2024, it will rise again to 16%. The document said that by the end of 2025, the share of government debt could rise to 16.7%.
The federal budget deficit is projected to total 1.665 trillion rubles ($30 billion), or 1.2% of GDP this year, dropping to 1.592 trillion rubles (around $28 billion) in 2023. It will further narrow to 1.413 trillion rubles ($26 billion) by the end of 2024, and to 1.358 trillion rubles (over $24 billion) in 2025.
For more stories on economy & finance visit RT's business section