Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

2002 Budget Revenue Target Boosted

Finance Minister Alexei Kudrin said Monday that he had agreed on increasing forecast revenues in the 2002 budget by more than $4 billion.

President Vladimir Putin, making his first intervention in debates on the finance bill, had earlier urged the government and parliament to be cautious in allocating any extra funds for next year.

Kudrin told reporters after meeting members of the State Duma that he had agreed on an increase in planned revenues by 127 billion rubles ($4.32 billion at current exchange rates).

The 2002 budget is the first drawn up with a budget surplus and the planned amendment, to be submitted to the government Tuesday, will not affect that aim.

The government and Duma members had already haggled over the revenue figure, with deputies saying the sum had been underestimated and that the economy would perform better than forecast in the finance package.

Of the 127 billion ruble figure, just over 103 billion rubles will be split 50-50 on increasing the budget surplus and on spending in priority areas such as welfare.

Some 23.7 billion rubles will come from higher revenues from a new unified social tax and will be sent to the state pension fund, Kudrin said.

Total revenues before the suggested amendment had been set at 1.998 trillion rubles with a surplus of 126.5 billion rubles, or 1.19 percent of GDP.

Putin, speaking to parliamentary leaders ahead of the Friday debate, asked the government to watch international energy and metals markets.