Russian financial minister lowers budget deficit forecast

15:15, November 20, 2010      

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Budget deficit of Russia will be 4. 6 percent of the gross domestic product (GDP) in 2010, lower than the previous forecast, Russia's Financial Minister Alexei Kudrin told a conference convened here on Friday.

Kudrin said the new figure is less than the previous 5.3- percent forecast, and by 2015 Russia's deficit will be zero.

Russia must control and decrease its budget deficit by utilizing the high oil prices which are about 76 U.S. dollars per barrel, Kudrin said.

So far, in 2010 the country's budget deficit has reached 2.1 percent of the country's GDP.

Kudrin also said his ministry was going to raise taxes on gas, alcohol and private property. These taxes will amount to one trillion rubles (about 32 billion U.S. dollars), or two percent of the country's GDP, he said.

"We are facing the trend of taxes increase, and this is not a temporal measure," Moscow's Vedomosti daily quoted Kudrin as saying.

Source: Xinhua


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