The Kremlin said on Thursday that a massive increase in defense spending planned for next year was “absolutely necessary” after a Russian Finance Ministry document released on Thursday said Moscow would increase its defense budget by about 70 percent by 2024. to pour more resources into its war on Ukraine.
Kremlin spokesman Dmitry Peskov said: “Since we are in a state of hybrid warfare, continuing a special military operation, it is clear that such an escalation is necessary and very necessary,” referring to Moscow’s extensive invasion of Ukraine. , “I refer to the hybrid war launched against us.” “.
Defense spending is expected to increase by more than 68 percent year-on-year to reach 10.8 trillion rubles ($111.15 billion), which is 6 percent of GDP and more than allocated spending. Social policy.
Agence France-Presse calculated that by 2024, defense spending is expected to be three times higher than spending on education, environmental protection and health care.
“The focus of economic policy is shifting from an anti-crisis agenda to promoting national development goals,” the finance ministry said in the document.
The increase in defense spending comes as the central bank warned that economic growth will slow in the second half of 2023, with inflation rising above the bank’s target of 4 percent.
It is a newspaperLe MondeAccording to the working sessions on the budget of the Russian Federation next year, Moscow is working to strengthen its financial resources, as the French previously indicated that next year’s Russian defense budget will reach 107 billion euros (over 112 billion dollars). or 6 percent. in gross domestic product.
The newspaper described the nearly 70 percent increase as “astounding.”
“War of priority.” 36 Trillion Ruble Budget Exposes Putin’s Plans
Russia plans to increase government spending by more than 25 percent in the next fiscal year over the current year, amid expectations that the Kremlin will raise more money to support an invasion of Ukraine by Kremlin forces, according to a report in the British newspaper “Financial Times.”
The newspaper confirmed that defense spending in the war budget for 2023 was 63 billion euros ($66 billion), or 3.9 percent of Russia’s GDP, while military spending was the same in 2021, based on figures from the Bloomberg agency. 2.7 percent of GDP.
It is a newspaperFinancial TimesA British newspaper reported last week that Russia plans to increase government spending by more than 25 percent in the next fiscal year over the current year.
The 36.6 trillion ruble ($383 billion) budget presented by Prime Minister Mikhail Mishustin lists “strengthening the country’s defense capabilities” as a top priority, as well as supporting the “unification of new territories” illegally annexed last time from Ukraine. year.
The plans also highlight “social support for the most vulnerable groups,” a sign that the Kremlin wants to boost spending on pensions and social security ahead of presidential elections next March.
According to experts, Vladimir Putin, who has ruled Russia for 24 years as president or prime minister, is trying to win these elections to extend his rule until at least 2030.
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