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News // Russia

Russian Budget 2007 Surplus Adjusted Down

23 October 2007 , 14:31383
Russia’s Finance Ministry has adjusted the budget parameters for 2007, Vice Premier, Finance Minister Alexei Kudrin told reporters in Washington, where he attends the annual meeting of IMF and World Bank, Kommersant reported.

The adjusted budget sets forth the surplus of 2.84 percent vs. the previous 4.81 percent, while the GDP is estimated at 912.5 billion rubles instead of the previous 1.5 trillion rubles.

Kudrin attributed some surplus reduction to the costs incurred because of development institutions’ capitalization. The money generated from curtailing the surplus, the vice premier went on, will go to the Stabilization Fund to step up authorized capital of development institutions.

The revenues of adjusted budget are forecasted to increase from 6.97 trillion rubles (22.30 percent of GDP) to 7.44 trillion rubles (23.19 percent of GDP). At the same time, the spending will go up from 5.46 trillion rubles (17.5 percent of GDP) to 6.53 trillion rubles (20.35 percent of GDP), including the growth of non-interest spending from 5.31 trillion rubles (17.00 percent of GDP) to 6.38 trillion rubles (19.88 percent of GDP).

The budget would have the gap should money of Stabilization Fund be not taken into account. The red ink would reach 637.95 billion rubles, or 1.99 percent of GDP, vs. 188.86 billion rubles, or 0.60 percent of GDP, set forth in the previous draft.

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