Russian MinFin lowers 2009 budget deficit forecast to 7.5%-7.7% from 8.3% of GDP

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Russian MinFin lowers 2009 budget deficit forecast to 7.5%-7.7% from 8.3% of GDP

MOSCOW. Oct 21 (Interfax) - The Russian Finance Ministry has lowered this year's budget deficit forecast to 7.5%-7.7% from 8.3% of GDP by virtue of the improved situation in the second half of the year, including the higher oil prices, and money saved on public spending, Deputy Prime Minister Alexei Kudrin, who is also the country's finance minister, said in the State Duma.

"The deficit will be not 8.3% but approximately 7.5%-7.7% of GDP, that is less than we forecast, due to the better situation than we originally anticipated that is emerging in the second half," he said.