Core Insights - The Russian federal budget deficit has expanded significantly in the first half of the year, nearing the planned annual limit, primarily due to insufficient oil and gas revenues [1][2][3] Revenue Analysis - Total federal budget revenue for the first half of the year reached 17.59 trillion rubles, a year-on-year increase of 2.8% [1] - Non-oil and gas revenue amounted to 12.85 trillion rubles, growing by 12.7%, while oil and gas revenue fell to 4.74 trillion rubles, a decline of 16.9% [1] - The decline in oil and gas revenue is attributed to falling average oil prices, with June's oil and gas revenue at 494.8 billion rubles, down 33.7% from the previous year [2] Expenditure Analysis - Federal budget expenditures for the first half were estimated at 21.28 trillion rubles, reflecting a 20.2% increase year-on-year [1] - The government has faced challenges in balancing expenditures, with rigid government spending on procurement and low energy revenues contributing to the deficit [2] Deficit Overview - The current federal budget deficit stands at 3.69 trillion rubles, accounting for 1.7% of GDP, compared to 0.3% in the same period last year [2] - The planned deficit for the year is 3.79 trillion rubles, also 1.7% of GDP, indicating that the deficit is approaching the annual target [2] Future Outlook - Experts suggest that maintaining current spending levels could exacerbate the deficit and inflation, while strict spending controls could hinder economic growth [3] - There is a possibility of improved fiscal revenue in the second half due to stable energy exports and a potential gradual depreciation of the ruble [4] - The Ministry of Finance emphasizes the need for balanced budgets at both federal and regional levels, focusing on national development goals [4]

Core Viewpoint - Japan has postponed its target for achieving a balanced budget from the fiscal year 2025 to the fiscal year 2025-2026 [1] Summary by Relevant Categories Economic Policy - The decision to delay the budget balance target indicates a shift in Japan's fiscal strategy, reflecting ongoing economic challenges [1] Fiscal Year Implications - The new timeline for achieving budget balance may impact government spending and investment strategies in the upcoming fiscal years [1]

Core Viewpoint - The Japanese government has decided to postpone its target for achieving a balanced budget from the fiscal year 2025 to the fiscal year 2025-2026 [1] Group 1 - The decision reflects a shift in fiscal policy aimed at addressing economic challenges [1]