8 Sep 2009 13:20

Russian Govt to present 2010 and 2011-2012 draft budgets to Duma no later than Oct 1

MOSCOW. Sept 8 (Interfax) - The Russian government will present the State Duma a draft for the federal budget for 2010 and 2011-2012 no later than October 1, 2009, which is the deadline stipulated by law, State Duma Chairman Boris Gryzlov told journalists on Tuesday following a meeting of the Duma Council.

It was earlier reported that the Russian government had approved the main characteristics of the 2010-2012 budget at a meeting held on July 30. As a result, the deficit for the federal budget in 2010 was set at 3.186 trillion rubles (7.5% of GDP), in 2011 - 2.012 trillion rubles (4.3% of GDP) and in 2012 - 1.564 trillion rubles (3% of GDP). However, in August the Economic Development Minister adjusted the forecast for Russia's socio-economic development for 2010-2012. As a result, the Finance Ministry is currently adjusting the forecast for budget revenue and the size of the deficit.

According to recent statistics, which were presented by Deputy Prime Minister and Finance Minister Alexei Kudrin, the budget deficit for 2009 could reach 7.8% of GDP not including funds allocated from the National Welfare Fund. The deficit comes to over 8% if these funds are factored into the equation. Kudrin earlier said that the possible deficit for the year would be 9.2%-9.3% of GDP with the Welfare Fund and 8.6% without the fund. He added that in 2010 the deficit for the federal budget would come to between just over 7% and less than 7.5% of GDP.