Russia to spend record USD 112 billion on army in 2024

The authorities of the terrorist country of the russian federation have planned a giant increase in military spending in 2024, Bloomberg reports citing materials to the draft budget, which the Putin government considered at a meeting on Friday.

The federal treasury will spend RUB 10.8 trillion, or USD 112 billion, on the maintenance of the army thrown to conquer Ukraine and the production of weapons - almost twice as much as this year (RUB 6.4 trillion).

For the first time in history, defense spending will become the largest budget item: every third ruble from the treasury will be allocated for these purposes. Compared to pre-war levels, the defense budget will triple: in 2021 it amounted to RUB 3.6 trillion.

The government intends to spend another RUB 3.5 trillion under the article "national security," where the budgets of the Ministry of Interior Affairs, the Rosgvardiya (russian Guard), special services, the Federal Penitentiary Service (FSIN) system and other law enforcement agencies are included. Compared to 2023, these costs will increase by 10%, or up to RUB 300 billion.

As a result, in total, the security forces will "eat" a record 39% of the federal budget, the total volume of which will increase by 15%, to RUB 36.6 trillion. At the same time, most of the power expenditures will be held "secret": RUB 11.1 trillion will be "shadow" allocations, the goals and articles of which are not disclosed in the budget. It's also a record volume in history, nearly double the 2023 figure, Bloomberg said.

Education and health care costs are supposed to be frozen: they will amount to RUB 1.5 trillion and RUB 1.6 trillion, respectively, as this year.

Allocations to support the national economy will be actually cut: RUB 3.9 trillion will be allocated for these purposes - RUB 200 billion, or 5%, less than in 2023.

Spending on "social policy," which includes payments for children, as well as the transfer of the Pension Fund to cover its deficit, will amount to RUB 7.5 trillion - RUB 1 trillion more than this year. The social spending of the budget will be less than the military for the first time in the modern history of russia.

Despite the unprecedented costs of the war, which made russia the world record holder in the number of sanctions and brought, according to American data, losses of 300,000 people killed and wounded, the "hole" in the budget, according to government calculations, will decrease.

This year, the deficit is planned in the amount of almost RUB 3 trillion, and next year it should be reduced to RUB 1.6 trillion, and in 2025 - to RUB 0.9 trillion.