Russia’s 3 year budget to prioritize social obligations, defense: finance ministry

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Nairobi: Russia's budget policy for the next three years will focus on fulfilling social obligations and meeting defense and security needs, the Russian Ministry of Finance said Thursday.According to Namibia Press Agency,The budget will also support servicemen involved in the Ukrainian conflict and their families, while promoting technological leadership, the ministry said in a press release.The ministry has submitted to the Russian government a budget package that includes a draft federal budget for 2027 and the 2028-2029 planning period, a draft law on budget execution and amendments to the Tax Code aimed at strengthening the stability of the budget system.The federal budget deficit is projected to average about 2 percent of GDP annually, the ministry said.Russian Finance Minister Anton Siluanov said the measures aim to ensure fiscal sustainability and create conditions for long-term economic growth.