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. Last Updated: 07/27/2016

Dubinin: Slump to Pass

Russia's economic slump will give way to growth by late 1994 or early 1995, acting Finance Minister Sergei Dubinin said Tuesday.

Interfax quoted Dubinin as saying that the government's draft budget, yet to be approved by parliament, would hold monthly inflation down to 5-7 percent by the end of the year.

Dubinin said that the budget deficit would not exceed 10 percent of gross domestic product, and would be financed half by Central Bank emissions and half by government bonds and foreign loans, according to Interfax.

He also said that Russia was committed to continuing talks on restructuring its external debt.