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From: C-afp@clari.net (AFP)
Newsgroups: clari.world.europe.russia
Subject: Russian upper house approves 1999 budget
Organization: Copyright 1999 by Agence France-Presse (via ClariNet)
Message-ID: <Qrussia-budget-approveURNdS_9FH.RMJs_9FH@clari.net>
Lines: 23
Date: Wed, 17 Feb 1999 8:26:40 PST
ACategory: financial
Slugword: Russia-budget-approve
Threadword: russia
Priority: urgent
Approved: e.news@clari.net
Xref: news.cs.columbia.edu clari.world.europe.russia:44675

  	  				 
   MOSCOW, Feb 17 (AFP) - Russia's upper house of parliament  
overwhelmingly approved on Wednesday the 1999 budget, voting by 130 
in favour to 18 against, with 13 abstentions. 
   The bill now passes to President Boris Yeltsin for final  
approval. 
   The draft budget provides for spending of 575 billion rubles (25  
billion dollars, 22.4 billion euros) and revenues of 474 billion 
rubles. 
   The deficit of just over 100 billion rubles is equivalent to 2.5  
percent of gross domestic product which is forecast at four trillion 
rubles. Inflation is seen at 30 percent, and an average exchange 
rate of 21.5 rubles per dollar is assumed. 
   Governors and regional leaders in the Federation Council upper  
house had insisted on getting a greater slice of the revenue 
share-out before they approved the finance bill. The government 
ultimately granted the regions 50.5 percent of total revenues. 
   At the last minute, the government also said that regions would  
gain an additional 18 billion rubles which would be garnered by 
delaying for three months the implementation of a controversial cut 
in value added tax. 
  	   	

