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Russia May Spend Twice As Much Now, Putin Said
The 2007 spending of federal budget doubled vs. 2004, having grown from 2.4 trillion ruble to nearly 6 trillion ruble in three years, Prime Minister Vladimir Putin announced Monday during the meeting of government’s presidium, RIA Novosti reported.
“The spending of federal budget reached nearly 6 trillion ruble, but we could spend no more than 2.4 trillion ruble in 2004. It’s almost the double growth in actual terms,” Putin said. The costs for public health grew by over three fold during the period, the prime minister pointed out.
The surge in federal budget spending was secured by favorable economic indicators of the country. Russia’s GDP soared over 8 percent in 2007, real income of the nation stepped up by over 10 percent, and the growth in tax and customs receipts was notable.
“All that has created favorable environment for our budget policy, the policy targeted at long-term development of Russia’s economy, social upgrade and radical increase in quality and standards of living,” Putin said.
The 2007 federal budget was the last budget of the country compiled for a year. Russia has shifted to fiscal three years starting from 2008, the prime minister reminded.
www.kommersant.com
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Photo: Dmitry Azarov