The Kremlin reports their 1st quarter income is only down by 20.8% over last years
Although some would argue it is a little more than Putin's speech in February predicted of only 3% but still a little better than some Asian analysts had forecast. Income tax revenue fell by 21.9% over last year's 1st quarter.Russia spent just over 8 Trillion Rubles (99 Billion US Dollars) this last quarter.
The 2023 Russian budget (released last August) allows Russia to spend only 29 Trillion Rubles (about 350 Billion US dollars) for the entire year. In short Russia has significantly overspent what it's 2023 budget forecast their spending.
Russia's spending on state procurements (2.5 Trillion Rubles or about 52 Billion US dollars) in the 1st quarter was over 50% higher than it's procurements in 2022. The 2023 budget allocated only about 5 Trillion Rubles (61 Billion US Dollars) for all of 2023.
The Net deficit for the 1st Quarter of 023 is about 2.4 Trillion Rubles (about 29.3 Billion US dollars (more than the 24 Billion dollars the US spent on the Apollo moon program)).
The 2023 Russian budget was a little controversial in some domestic quarters when it was released, because in order to raise government procurement and increase the number of state security personnel the Duma agreed to a budget that greatly deduced things like medicine, hospital outlays, road improvements, maintenance, education, etc.
The Russian budget called for a total deficit in 2023 of 2.9 Trillion Rubles (36 Billion US dollars) or about 3.5% for all of 2023. The actual loss of 2.4 Trillion Rubles just in the 1st quarter of the year is about 83% of all of the anticipated loss. It is very probable much more financial loss is oncoming to Russia.
Last summer on RT.com in a text there I pointed out the Russian 2023 budget was essentially worthless toilet paper as it totally ignored the upcoming Oil and oil product sanctions. Naturally all on that site who worship Putin says disagreed with me and claimed I listened to too much CNN and the EU & NATO would back down and not implement any sanctions or lift them once the cold weather arrived. Sigh.
The War between Russia and Ukraine will probably continue another 2 or 3 years. Contrary to Russian myth the West is not even close to financial collapse. Russia's cash reserves(the well fund) are currently expected to totally run out sometime this September or October). The obvious short term solution will be to just print more Rubles. Of course that will immediately result in further devaluation of the Russian Ruble which has already fallen to about 1 Ruble = (about) US $0.01 per dollar. Just over a US penny a Ruble today, 81 to the dollar (and falling). It is very obvious the longer Putin and his supporters continue their illegal war the more the other people of Russia will become unemployed, suffer or just vanish from their Census..
In WWI when it's economy reached a similar state the Kaiser's Germany was smart enough to simply surrender. Putin and his supporters are not that smart and has no desire to dance at the end of a hangman's noose which the War Crimes they allowed ensure they will. So it continues.
Figures supplied by Russia's Ministry of Finance
minfin.gov.ru/press-center
Comments (25)
It sounds like the IMF and World bank are behind this Unicoin currency, so most likely it's a Western currency..
It sounds like the IMF and World bank are behind this Unicoin currency, so most likely it's a Western currency..
Yesterday a bit more of the story came and the IMF and World bank are behind, but you are right Ken in saying that its not real until its put into use..
Any word on US currency going full digital/cashless Ken ?
This another story that needs more light shed on it, it was about the end of March that this story came to my attention..
A problem i see with cashless/digital/electron banking is electricity outages, satellite failing or being turned then its internet down No access to bank accounts or money...
The weather does damage the electronic systems and theres nothing humans can do to stop it or protect it, Nature has the most say in our world not the politicians, the politicians are only fortune telling and predicting when it comes to nature..
A problem i see with cashless/digital/electron banking is electricity outages, satellite failing or being turned then its internet down No access to bank accounts or money...
The weather does damage the electronic systems and theres nothing humans can do to stop it or protect it, Nature has the most say in our world not the politicians, the politicians are only fortune telling and predicting when it comes to nature..
For instance, Haiti after the power outage. People with lots of bank account money begging for food because the banks were as flattened as everything else and there was no electricity for weeks to power the bank's computers anyway. The people with cash in hand and or goods to trade (the first form of currency) did okay, the others, not so much.
For instance, Haiti after the power outage. People with lots of bank account money begging for food because the banks were as flattened as everything else and there was no electricity for weeks to power the bank's computers anyway. The people with cash in hand and or goods to trade (the first form of currency) did okay, the others, not so much.
For much of recorded human history, on much of the planet, less than two of a Mercury silver dime sized coin (tetradrachm , Shekel, etc.) was a weeks salary for most people. The world may see those days again. Nothing wrong with having 4 or 5 rolls of silver coins stashed somewhere.
What you have written is typical of propaganda which happens on both all sides in war. Some will take that to heart and commit war crimes and other atrocities because their hatred of the dehumanised 'other' has no boundaries.
There are always some people in war who have no choice and say the 'silent negative'.
Sri Lanka president a Buddhist I think is confident China will bail Sri Lanka even though it seems India is fulfilling IMF (America's) requirements, when the mop flops I to am certain China with sore Sri Lanka up. Will in Pakistan.
The American controlled Inter National Monitory Fund has been trying to obtain repayment agreements that adversely impact governments control in both Sri Lanka & Pakistan.
China sat back without interfering or making counter offers up until quite recently.
Updated: 25 Jan 2023 5:01 pm
Debt-ridden Sri Lanka on Wednesday thanked India for issuing the necessary guarantees sought by the IMF that would help Colombo to unlock the USD 2.9 billion bailout package.
India’s ministry of finance recently issued a letter to the International Monetary Fund (IMF) to confirm its support to Sri Lanka on the issue of debt restructuring.
You can check Sri Lanka news:
FsrgoFan - Yeah I saw that. I suspect they got hit hard by investments their banks made into some of the other Crypto Currency when FTX went pop.
You only have to reflect on the posts I've made on here that related to same subject matter. I have been closely following international affairs since Nam
300 odd people were killed in this bunker and they were all NATO and top Ukrainian military personal in that bunker, the concrete bunker was 400 feet in the ground and the Russian hypersonic missile still got it..
The west has nothing that can shoot down or stop these hypersonic missiles of Russia's, and the US had a fail with their hypersonic missile test of Hawaii..
It was over the last weekend that Russia owned up to the attack on the bunker in Kyiv..
OTOH,how do you explain the hundreds of thousands AK-47s all over Africa and Asia?
Besides all the heavy Armaments?
Guess Victor Bout was dealing in Humanitarian Products!
The US weapons/military budget is bigger than all other countries combined isn't it ? maybe Russia is getting up there to now that there hand has been forced..
OTOH,how do you explain the hundreds of thousands AK-47s all over Africa and Asia?
Besides all the heavy Armaments?
Guess Victor Bout was dealing in Humanitarian Products!
These same people also follow and belive the make-believe stories broadcasted by Fox Entertainment.
It seems when MSM don't publish a fake story they are condemned as liars.
What a joke!!
The US weapons/military budget is bigger than all other countries combined isn't it ? maybe Russia is getting up there to now that there hand has been forced..
The BS and wrong things are being exposed years after its happened, then its all swept under the radar in hope that no one will bring up the past...
Instead of spending so much on things/weapons that take life, why not spend some money on preserving life.. ?
Put the politicians that talk and promote war at the front of the army, let them lead by example at the front line not from the comfort of their office..
Here is a documentary an Australian artistic video maker, for a different viewpoint.
It would be better if we kept the history within the last 25 years, because its easy for people to recall..