Finance Minister Anton Siluanov said Russia would return to following its budget rule in 2024, envisaging an oil price of $60 per barrel.
The government was discussing budget plans for the next three years.
Bloomberg News reported that Russia is also planning a huge hike in defence spending next year, swelling to 6% of GDP from 3.9% in 2023 and 2.7% in 2021.
Siluanov said Russia planned to raise domestic borrowing to more than 4 trillion roubles annually to fund its deficits.
Siluanov said Russia's NWF would hold 6.7 trillion roubles by end-2024, down from 13.7 trillion roubles, or 9.1% of GDP as of Sept. 1.
Persons:
Vladimir Putin, Denis Manturov, Alexei Krivoruchko, Mikhail Metzel, Mikhail Mishustin, Mishustin, Anton Siluanov, Siluanov, Russia's, Vladimir Soldatkin, Darya Korsunskaya, Alexander Marrow, Mark Trevelyan
Organizations:
Sputnik, REUTERS Acquire, Finance, National Wealth Fund, Bloomberg News, Reuters, Thomson
Locations:
Izhevsk, Russia, Ukraine MOSCOW, Moscow, Ukraine