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Strategies & Market Trends : Investment in Russia and Eastern Europe
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To: Rob Shilling who wrote (962)4/7/1999 10:00:00 PM
From: Rob Shilling  Read Replies (1) of 1301
 
First quarter deficit was 5 billion rubles:

BUDGET REVENUE NEARLY 12 PERCENT SHY OF TARGET

Moscow missed its federal budget revenue target in March by
11.6 percent, according to a statement from the Ministry of
Finance, Interfax reported. Although the State Customs
Committee collected 6.4 percent more duties than expected, the
tax ministry collected 20.7 percent less taxes than had been
planned. The State Property Ministry also collected 28.1 percent
less than envisioned. According to the Finance Ministry, federal
spending was 10.4 percent less than planned. The resulting deficit
of 5.1 billion rubles ($203 million) was financed by loans from the
Central Bank, the ministry said. JAC

.... Revenues were below target most likely due to the really low oil prices of the first quarter. Yet spending was also down. So, the deficit is a paltry $200 million which works out to something like 0.5% of GDP, which is very good
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