Federal budget execution in 2025: are there risks to fiscal sustainability?

The slowdown of the Russian economy, deteriorating foreign trade environment, the key rate kept at a relatively high level, geopolitical challenges — all these factors put pressure on the federal budget, intensifying the existing imbalances. The peak of the federal budget deficit can be expected in May-June of the current year with subsequent improvement of the situation with the budget balance. Government borrowings together with the liquid assets of the National Wealth Fund are quite sufficient to make up for the shortfall in federal budget revenues.