Putin approves big military spending hikes for Russia's budget
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Russian President Vladimir Putin is expected to increase defence spending by almost 70 per cent in 2024 from 2023.
PHOTO: REUTERS
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MOSCOW – Russian President Vladimir Putin gave his official approval to a significant increase in military spending that will see around 30 per cent of fiscal expenditure directed towards the armed forces in 2024 as he signed draft budget plans into law on Monday.
Moscow is diverting ever more resources towards prosecuting its war in Ukraine. Spending on defence and security combined is set to reach around 40 per cent of all budget expenditure in 2024.
Spending on defence is set to increase by almost 70 per cent in 2024 from 2023.
Russia has an ambitious 2024 revenue target of 35.1 trillion roubles (S$523 billion) for 2024, a 22.3 per cent planned increase year on year, based on assumptions of high oil prices.
Analysts say the government may be forced to hike business taxes if those assumptions should prove optimistic.
The budget plans had already been approved by lawmakers in both houses of Parliament, the State Duma and Federation Council. REUTERS
