The Finance Minister briefed the President on implementation of the 2009 budget.
Mr Kudrin noted that budget revenue has decreased by 25 percent, but spending was left at the planned level and has risen by 28.4 percent compared to 2008. The budget deficit will be lower for the year overall than was planned, however, and will come to around 6.4 percent.
Mr Kudrin said that despite the drop in revenue, all social sector payments were made this year, and all payments in 2010 would also be carried out in full.
On the state debt, the Minister said that debt would increase in 2010, but would still be at a safe level. Mr Kudrin said that Russia’s state debt today comes to 9.8 percent of GDP, and by the end of 2010, even taking into account total borrowing on the domestic and foreign markets, will come to 12.8 percent of GDP.
The Minister said that Russia has good prospects for guaranteeing a balanced budget over the upcoming years.