Russia parliament approves 2004 budget in first reading

Home>>World

Last updated at: (Beijing Time) Saturday, September 20, 2003

Russia parliament approves 2004 budget in first reading

The Russian State Duma, or lower house of the parliament, passed the 2004 draft budget in its first reading on Friday, the Interfax news agency reported.

DISCUSSION

CHINESE

SEND TO FRIEND

The Russian State Duma, or lower house of the parliament, passed the 2004 draft budget in its first reading on Friday, the Interfax news agency reported.

The key financial document was approved by a vote of 246 to 180,with one abstention in the 450-seat Russian chamber.

The first reading plays a decisive role in confirming the general revenue, spending and surplus figures. Further adjustments will not go beyond this limit, said Russian Finance Minister Alexei Kudrin Friday.

Federal revenues are projected in the budget at 2.742 trillion rubles (about 90 billion US dollars) and spending at 2.659 trillion rubles (some 87 billion US dollars), producing a surplus of 83.4 billion rubles (over 2.7 billion US dollars) for 2004.

The State Duma's preliminary approval on the budget's adoption prescribed that "the 83.4 billion ruble surplus in 2004 will be contributed to the stabilization fund according to Russia's budget legislation."

The draft document foresees a gross domestic product (GDP) growth at 5 percent, as compared with 5.9 percent this year, while inflation is expected at 8 percent to 10 percent.

The adoption will help to ensure social stability and to preserve the positive trends in the development of the national economy in all directions, Prime Minister Mikhail Kasyanov said Friday.

He also noted that the budget, oriented toward social development by offering additional funding in the health care and education systems as well as in resolving housing issues, will also contribute to strengthening and enlarging the middle class, which support and cement the society.

The draft budget will have to go through another three readings before its adoption. The second reading is scheduled for October 15.

The government hopes the parliament will finally pass the budget after altogether four readings by late November, before the parliamentary elections due in December.

Questions?Comments? Click here

Russian Budget Revenues for 2002 to Top 54.4 Billion Dollars

Russian Duma Passes Amendments to 2001 Budget

Putin Signs Russia's Budget Bill for 2003

Chinese Scientist Appeals for Checking Academic Corruption ( 5 Messages)

Chinese Premier Urges Reform of Administrative System ( 2 Messages)

High-tech Expo: Precious Chances for Investments ( 5 Messages)

China denies troop build-up on borders ( 3 Messages)

China Sets to Put Brakes on Auto Industry ( 9 Messages)