2004 BUDGET SURPLUS TO EXCEED FORECASTS SIXFOLD
RIA Novosti, Russia
October 12, 2004
MOSCOW, October 12. (RIA Novosti) – At its session on Tuesday the
Russian government will consider a bill on introducing amendments to
the federal law On the Federal Budget for 2004 and invalidating some
clauses of legislative acts of the Russian Federation.
According to a source in the government, the Finance Ministry forecasts
that the federal budget surplus will this year amount to 505.7 billion
roubles ($1 equals 29.22 roubles). At first the surplus was projected
at 83.4 billion roubles.
“The Finance Ministry has submitted to the government the budget
forecast till the end of the year. It expects revenues to grow by
531 billion roubles, expenditures by 108.6 billion,” the source said.
Revenues grow due to increased collection of the mineral extraction
tax of 430 billion roubles and export duties.
As to expenditures, interest-bearing expenditures will be cut by 40.9
billion roubles, while others will rise by 149.6 billion roubles.
Thus, the total revenues of the budget by the end of the year will
amount to 3.2738 trillion roubles, while expenditures will total
2.7681 trillion, the source said.
Target allocations to the Stabilization Fund by the end of the year are
expected to amount to 397.4 billion roubles, exceeding the forecasts
by 313.9 billion.
According to the source, international cooperation will also
receive increased financing. For example, a loan of $175 million
will be provided to Belarus to partly finance Russian gas supplies
and balance mutual trade. Also, the loan to Armenia will be increased
by $31 million.