22 Jul 2009 17:01

Govt to distribute 11.8 bln rubles to balance regional budgets on July 23

MOSCOW. July 22 (Interfax) - The Russian government presidium will examine the issue of providing 11.8 billion rubles to ensure balanced budgets in 23 Russian regions at a meeting on July 23, the Cabinet's press service said.

The Finance Ministry has prepared 23 draft government instructions concerning the size of the transfers to the specific regions that will be examined at the meeting.

A total of 300 billion rubles will be allocated to support regional budgets in 2009. About one-half that amount will come in the form of discounted loans - at one-third the refinancing rate - and the other half in the form of subsidies. Any remaining funds will be distributed in October 2009, following an evaluation of consolidated budget performance in the first eight months of the year.