Russia might avoid giant budget deficit
Booming oil revenues might save the Russian federal budget from crisis.
The Russian Finance Ministry informs that the budget deficit of 2008 might be less than anticipated. In the first nine months of the year, the deficit was 4,7 percent, which is half of what was feared by the government, newspaper Vedomosti reports. What seems to save the Russian budgets are oil export revenues, which already now is exceeding the 12 months plan for 2009. Also the Russian Tax Service has collected 10 percent more taxes than expected, Vedomosti writes. On the negative side, the Customs Service and the State Property Agency are not able to meet their budget goals.
