According to reported statements, Anton Siluanov advocated for a stronger, more robust budget.
Russia's Minister of Finance, Anton Siluanov, has outlined the priorities for the Russian federal budget in 2025, as the country navigates economic challenges and Western sanctions.
In a recent announcement, Siluanov identified social benefit payments, national defense, and achieving national goals set by President Vladimir Putin as the budget's top priorities. To ensure financial stability, he suggested reducing the budget's dependence on price and volume-based constraints, as well as oil and gas revenues.
Siluanov proposed that funds should be directed towards companies that are contributing effectively, rather than towards those considered "lazy." In his view, economic efficiency and productivity cannot be solved solely with machines, equipment, or money. Instead, he emphasised the importance of increasing the efficiency of enterprises and focusing on labor productivity.
The 2025 budget, which includes September estimates, focuses primarily on managing declining oil and gas revenues, increasing borrowing to cover a rising budget deficit, maintaining high military spending, and raising taxes to offset the loss of energy revenues. In preparation for this, Siluanov mentioned the lowering of the budgetary benchmark for oil and gas revenues.
Siluanov emphasized the importance of a robust budget that can adapt to various constraints. He also highlighted that Russia's allies are its army, navy, and stable finances.
However, no specific details were provided about the national goals set by President Putin, the current state of the Russian economy, or any specific constraints the budget is facing.
In conclusion, the Russian federal budget for 2025 aims to navigate economic challenges and Western sanctions by prioritizing social benefit payments, national defense, and achieving national goals set by President Putin. The budget also seeks to reduce dependence on oil and gas revenues, increase borrowing, maintain high military spending, and raise taxes, while focusing on the efficiency of enterprises and labor productivity.
