Russia's upper house of parliament approves budget for 2009-2011

Subscribe
US
India
Global
The upper house of Russia's parliament approved on Wednesday the federal budget for 2009-2011, allocating funds to support the domestic financial system and increase defense spending.
MOSCOW, November 12 (RIA Novosti) - The upper house of Russia's parliament approved on Wednesday the federal budget for 2009-2011, allocating funds to support the domestic financial system and increase defense spending.

Yevgeny Bushmin, chairman of the Federation Council budget committee, said the budget will enable the government to spend 175 billion rubles ($6.4 billion) to prop up the country's financial sector in 2009.

"Following the results of the 2008 budget administration, the government has the power to channel up to 175 billion rubles in budget funds to support the Russian financial sector," Bushmin said.

Under the federal budget for 2009-2011, the share of oil and gas revenues in the budget structure will drop from 50% in 2008 to 36% in 2011.

Budget revenue is planned to reach 10.9 trillion rubles ($396.8 billion) in 2009 (18.98% of GDP), 11.73 trillion rubles ($427 billion) in 2010 (18.81% of GDP) and 12.84 trillion rubles ($467.4 billion) in 2011 (18.06% of GDP).

Budget expenditure will total 9.024 trillion rubles ($328.5 billion) in 2009 (18.8% of GDP), 10.32 trillion rubles ($375.7 billion) in 2010 (18.8% of GDP) and 11.317 trillion rubles ($411.9 billion) in 2011 (18.1% of GDP).

Inflation is expected to stand at 8.5% in 2009, 7% in 2010 and 6.8% in 2011.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала