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Russian Government Approves Budget Amendment Draft
The Russian government Tuesday approved a draft amendment to the 2001 budget, under which most extra revenues will be used to pay off Russia's foreign debts, said Russian Prime Minister Mikhail Kasyanov.
The draft, focusing on the priorities for the use of extra revenues, will be submitted to the State Duma "either tonight or tomorrow morning," said Kasyanov.
According to the prime minister, foreign debt repayment will be the top priority in using additional revenues. Next priority will be to increase the salaries of the public sector employees and the servicemen. Other social expenditures, such as the reconstruction of hospitals and schools, will also be a high priority.
Under the draft amendment, the government will have to raise 182 billion rubles (6.4 billion U.S. dollars) for foreign debt repayment this year. Of the total amount, 107 billion rubles (3.8 billion dollars) is expected from extra revenues, while 30 billion rubles (1056 million dollars) will be borrowed from the domestic market and 15 billion rubles (528 million dollars) raised by selling state-owned properties.
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