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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: NOW who wrote (21553)	1/17/2005 2:51:57 PM
From: mishedlo	of 116555

Russia Budget Surplus Hit Record $24.7Bln in '04 The Finance Ministry on Friday reported a 2004 federal budget surplus of 686.5 billion rubles ($24.7 billion), or 4.1 percent of gross domestic product, while high world oil prices propelled a special fund formed from taxing windfall oil profits to $18.8 billion. Citing preliminary data, the ministry said budget revenue stood at 3.422 trillion rubles ($123 billion), while spending was at 2.736 trillion. GDP itself stood at 16.55 trillion rubles. The so-called stabilization fund, which gathers windfall oil revenues, grew to 522.3 billion rubles on Jan. 1, accruing its first surplus, which can be used to pay down foreign debts, the ministry said. A ministry official said that unspent cash left over from the 2004 budget would be transferred to the fund this month, meaning that the headline total of the fund, set up only last year, will rise again by Feb. 1. Russia has been using windfall oil revenue to repay loans to the International Monetary Fund ahead of schedule and is seeking to do the same with the so-called Paris Club of creditor nations. The Wall Street Journal reported Friday that Russia had reached a preliminary agreement with the 19 Paris Club governments to repurchase all its debt to the group, which totals about $45 billion. Russia's total foreign debt is currently about $113 billion. themoscowtimes.com

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