Moscow:Russian Finance Minister Anton Siluanov has announced that the country's federal budget deficit is expected to average 2% of its gross domestic product (GDP) during the period from 2027 to 2029.

According to Anadolu Agency, Siluanov shared these projections during a meeting with lawmakers at the State Duma, the lower house of the Russian parliament. He explained that the government has been directing resources to specific areas to address the challenging tasks confronting the nation.

Siluanov described this projected deficit as relatively small, especially considering the significant tasks the country faces. He stated that maintaining this level of deficit allows the government to keep public debt low while continuing its current budget policy.

He also highlighted that the average budget deficit among G20 countries is around 5% of GDP, indicating that Russia's projected deficit remains below this average. Additionally, he noted that Russia's budget expenditures have risen substantially in recent years, largely due to increased spending on the defense industry.