OVER 2004 SEVEN MONTHS BUDGET SURPLUS IS OVER 285 BILLION ROUBLES - RUSSIAN FINANCE MINISTRY

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MOSCOW, AUGUST 6 (RIA Novosti) - The federal budget surplus in January-July 2004 was 285.3 billion roubles (1 dollar approximately equals 29 roubles), or 3.2 percent of the GDP forecast, RIA Novosti learnt from the Finance Ministry, citing preliminary estimates.

The January-July federal budget revenue was 1,835,046 million roubles, expenditure 1,550,013 million roubles.

Over the seven months of this year, the GDP reached 8,852,009 million roubles.

Primary surplus, in the ministry's estimate, was 406,008 million roubles, or 4.6 percent of the GDP.

As of August 2004, the stabilisation fund was 267.4 billion roubles, as preliminary calculated.

The stabilisation fund has been taking shape since last January and, as of July 1, stood at 229.1 billion roubles.

The fund is formed from additional revenue from oil prices exceeding 20 dollars per barrel. According to the Finance Ministry, before the year end the fund will accumulate about 417 billion roubles.

Under the Budget Code, resources from the fund may be used as budget expenditure only after 500 billion roubles has been accumulated.

Earlier, Finance Minister Alexei Kudrin said that resources from the stabilisation fund may next year go to repay national foreign debt and cover the budget deficiency of the Pension fund, which is due to the lowering of the integrated social tax.

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