The budget deficit of the regions of the Russian Federation for 2020-2021 will amount to 1.2 trillion rubles

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This year, the regions’ own revenues are expected to reach 10.2 trillion rubles, First Deputy Finance Minister Leonid Gornin told Izvestia in an interview. This is 830 billion rubles less than 2019. In general, taking into account the support of the federal center, the revenues of the consolidated budgets of the regions will amount to 13.7 trillion rubles, which is 1% higher than last year’s level. The forecast for spending for 2020 is 14.5 trillion rubles, or plus 7% compared to last year. The deficit, therefore, will amount to approximately 700 billion rubles.

In 2021, the regions themselves will earn 11.5 trillion rubles, that is, plus 13% to the low base of 2020. Taking into account the money from the center, 14.3 trillion rubles will go to the consolidated budgets. Expenditures are expected to reach 14.8 trillion rubles. Thus, the deficit will amount to about 0.5 trillion, Leonid Gornin said.

For the most part, the gap between income and expenses will be covered by the reserves of the subjects – now there are balances of almost 2 trillion rubles. The growth of the national debt in 2020 will be about 300 billion, in 2021 – 100 billion.

Read more in an exclusive interview with Izvestia:

“There is no illusion that we will catch up by the end of the year”

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