28 Jul 2009 18:19

Budget deficit for 2010 at 7.5% of GDP - Kudrin

GORKI. July 28 (Interfax) - The Russian government forecasts that the budget deficits for 2010, 2011 and 2012 to reach 7.5%, 4.3% and 3% of GDP, respectively, Deputy Prime Minister and Finance Minister Alexei Kudrin told Russian President Dmitry Medvedev on Tuesday.

"We forecast a balanced budget so that the government is able to confirm and carry out its duties," Kudrin said.

Kudrin added: "2009 has created certain difficulties for the budget with the decrease in GDP of 8.5%."

He said that oil prices this year would average at $54 barrel. Next year, this figure should increase to $55 a barrel, Kudrin said.

The minister stressed that the government would meet all of its social responsibilities even with a possible decrease in budget revenue.