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Russia's federal budget for 2011 to be deficit-free - Putin

October 05, 2011, 23:48 UTC+3
"We plan spending 719 billion rubles /USD 1=RUB 32.5/ to cover the budget deficit in full," he said
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MOSCOW, October 5 (Itar-Tass) — Extra revenues will help Russia get a balanced debt-neutral budget in 2011, Prime Minister Vladimir Putin said Wednesday.

"We plan spending 719 billion rubles /USD 1=RUB 32.5/ to cover the budget deficit in full," he said.

He believes that the extra budget revenues will stand at around 800 billion this year and, in addition to this, the measures aimed at saving will hopefully yield another 131 billion rubles.

By chanelling the greater part of extra revenues to cover the budget deficit, the government plans to cut down the amount of borrowings.

"We'll refrain from borrowing some 394 billion rubles in the domestic market and this means the monies will actually remain in the economy now that some problematic things are present in it," Putin said.

 

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