Draft Federal Budget for 2022–2024: Ensuring Public Finance Sustainability

Ilya A. Sokolov – Head of Budget Policy Department of the Russian Presidential Academy of National Economy and Public Administration; Director of the Institute of Macroeconomic Research, Russian Foreign Trade Academy, Candidate of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The distinctive features of the draft federal budget for 2022-2024 are an uptick in the revenue side of the budget, a noticeable reduction in the share of GDP of budget expenditures and their redistribution compared to the pandemic structure of public spending, maintaining a surplus balance. The main objective of fiscal policy within the three-year horizon will remain to ensure the sustainability of public finances. Among the instruments of such provision are the budget rule and the accumulation of reserve funds in the National Welfare Fund (NWF) in case of a negative scenario of the development of the situation in the world economy.

Key words: federal budget for 2022–2024, public finances, fiscal rule, National Wealth Fund.

JEL-codes: E62, H12, H61.