Zee Beam News

Russia's federal budget surplus for 2004 amounted to RUR 730.7 billion (around $26.09 billion), against the projected RUR 505.7 billion (approx. $18.06 billion), the finance ministry reported on Tuesday. Earlier, the ministry put the surplus at RUR 686.5 billion (4.1 percent of the GDP). Federal budget revenue totaled RUR 3.426 trillion (around $122 billion), up from the planned RUR 3.274 trillion ($117 billion), including RUR 2.712 trillion ($97 billion) in tax revenue, against RUR 2.613 trillion planned. Federal budget expenditures were RUR 2.965 trillion (around $96 billion), more than the planned RUR 2.768 trillion ($98.8 billion). In October, the State Duma passed amendments to the federal budget for 2004. Budget surplus was expected to be RUR 505.7 billion instead of the planned RUR 83.4 billion, and revenue was projected to be RUR 3.274 trillion, RUR 531bn more than initially planned. Expenditured were set at RUR 2.768 trillion, RUR 108.6 billion more than projected. Russia’s stabilization fund totaled RUR 522.3 billion on January 1, 2005, according to preliminary results. The fund is expected to be RUR 709 billion on January 1, 2006. The stabilization fund was set up to finance budget expenditures in the event of falling oil prices. “Windfall” oil revenues go to the Stabilization Fund if the price of Urals oil exceeds $20 per barrel.