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Execution of the Federal Budget in January-September 2020: Record Borrowings and Growing Expenditures

Sergey G. Belev – Head of Budget Policy Department of the Gaidar Institute; Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Tatyana V. Tischenko – Senior Researcher of the Gaidar Institute; Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

At nine months-end 2020, revenues of the federal budget contracted against the same period of the previous year by Rb1,818.6 bn and expenditures went up by Rb3,040.9 bn; the budget has been executed with a deficit amounting to Rb1,773.3 bn. Contraction of revenues and ramping up of expenditures resulted in record non-oil and gas deficit which resulted in raising debt financing.

Key words: federal budget, revenue, oil and gas revenues, non-oil and gas revenues, expenditure, taxes.