The amount allocated for defense will represent 6% of GDP, for the first time in Russia’s modern history.
Kremlin spokesman Dmitry Peskov, during a regular briefing of journalists, repeated today Russia’s claim that it is engaged in a “hybrid war” launched against it by the West, and for this reason a large increase in Russian defense spending is “absolutely necessary”.
According to a document of the Russian Ministry of Finance, released today, Russian military spending is projected to increase by nearly 70% in 2024an increase that shows Moscow’s determination to continue its military invasion of Ukraine despite the human and financial costs.
According to this document, seen by AFP, defense spending will increase by 68% in 2024 compared to the previous year and reach 10.8 trillion rubles (€106 billion).
So the amount allocated to defense will represent about 30% of total federal spending in 2024 and 6% of GDP, for the first time in Russia’s modern history.
The budget for internal security will reach 3.4 trillion rubles (33 billion euros) and represent almost 19% of annual federal spending.
The priorities of this budget are clear: “the strengthening of the country’s defense capability” and “the integration of the new regions” of Ukraine annexed by Moscow, but also “the social assistance of the most vulnerable categories of citizens”, a few months from the presidential elections scheduled for spring 2024.
In contrast, the total expenditure on education, health and environmental protection will represent only one third of the defense budget, according to the data of the Ministry of Finance.
In total, federal spending will reach 36.661 trillion rubles (359 billion euros), making a spectacular jump of more than 20% compared to 2023. However, the government did not explain how it would finance this increase, even as it said last Friday, Prime Minister Mikhail Mishustin said receipts from the sale of hydrocarbons would drop significantly in 2024 and account for “a third of the (budget) for next year”, compared to almost half of what they represented before the attack on Ukraine.
The federal budget for the period 2024-2026 will be submitted tomorrow, Friday, to the Duma, the lower house of the Russian parliament.
Source :Skai
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