FINANCE MINISTRY REPORTS ON FEDERAL BUDGET SURPLUS

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MOSCOW, July 5 (RIA Novosti) - The surplus of the federal budget, by Russian Finance Ministry preliminary data, totaled 244.6 billion rubles (18.9% of the expenditures sum, or 3.4% of the forecasted GDP volume for January-June) in the first six months of 2004 ($1 equals about 29 rubles).

Primary surplus totaled 347.7 billion rubles, or 4.8% of the forecasted GDP volume for the first six months, said the Finance Ministry.

Federal budget revenues for January-June, by preliminary data, totaled 1,533,200 million rubles, which is 14.3% above the forecasted level.

Budget expenditures totaled 1,288,600 million rubles (94% of the specified budget figures for the first six months).

The GDP volume in absolute terms for the first six months, by preliminary data, totaled 7.22 trillion rubles.

The volume of the stabilization fund totaled 229.1 billion as of July 1.

As of July 1, the volume of the stabilization fund was estimated at 198.7 billion rubles. Thus, for June the fund received an additional 30.4 billion rubles.

The stabilization fund began to be established from this year's start at the expense of additional revenues from oil prices at over $20 per barrel.

The initial volume of the stabilization fund was estimated at 106 billion rubles as of February 1, 2004.

According to a specified finance ministry forecast, as of the end of 2004, the fund will reach 417.06 billion rubles. Some 267.7 billion rubles will arrive at the fund for the year.

Originally, it was planned that the volume of the fund will total 189.4 billion rubles by the year's end.

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