Russia planning 10% spending cut for 2024 budget redistribution -Vedomosti

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Faced with a January-May budget hole of $42 billion Russian officials have acknowledged the need to rein in the deficit, agreeing at an economic forum last month that some spending cuts would be inevitable, while viewing increased domestic borrowing or higher taxes as less appealing alternatives. As sanctions shrink energy revenues and spending soars to fund fighting in Ukraine, the budget deficit is already 17% above the plan for the whole of 2023. Vedomosti reported that Finance Minister Anton Siluanov proposed cutting so-called 'unprotected' spending by 10% for 2024 at a June 29 meeting.