Moscow facing budget deficit

Public hearings to begin on Moscow budget

Public hearings on the draft budget of Moscow for the next year will begin on November 15. During the hearings, residents of the capital will be able to discuss the main directions of the city's financial policy, as well as make their proposals for its improvement.

Moscow facing budget deficit

According to the draft budget, Moscow will face a budget deficit of 464 billion rubles (US$6.3 billion) in 2023. This is due to the fact that the city's revenues are expected to decline by 10%, while its expenditures are expected to increase by 6%. The main reason for the decline in revenues is the sanctions imposed on Russia by Western countries, which have led to a sharp decline in the value of the ruble.

Construction projects

Despite the budget deficit, the city plans to continue investing in construction projects. In particular, the city plans to build 10 new metro stations, 10 new schools, and 10 new hospitals. The city also plans to continue developing its public transportation system, including the construction of new bus lanes and bike paths.