Russian government approves 2012-14 draft budget

The Russian cabinet on Wednesday approved a draft federal budget for 2012-14, Deputy Finance Minister Tatyana Nesterenko said.

The 2012 budget deficit will be 869.2 billion rubles, or 1.5% of GDP, 1.6% in 2013 and then down to 0.7% in 2014.

Federal budget revenues in 2012 are projected at 11.789 trillion rubles and expenditures at 12.658 trillion.

The 2013 figures are 12.715 trillion and 13.720 trillion and the 2014 figures 14.101 trillion and 14.580 trillion rubles, respectively.

The deficit will be covered mainly by state debt and privatization receipts.

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