Finance Ministry reports federal budget revenues

The revenues to the federal budget reached RUR580.9bn ($18.9bn), and the expenditures were RUR580.1bn ($18.88bn) in the first quarter of 2003, the Finance Ministry's materials, prepared for a government meeting to be held on May 29, read. The federal budget surplus amounted to RUR0.8bn ($26.04m) over that period, which is equal to 0.03 percent of the GDP. The sum of the financial reserve reached RUR232bn ($7.55bn) as of April 1, 2003. The tax revenues to the budget amounted to RUR462.3bn ($15.05bn). Therefore, the forecast for tax collection was exceeded by RUR32.8bn ($1.07bn). The sum of non-tax revenues reached RUR36.5bn (RUR1.19bn).

According to information from the Finance Ministry, RUR83.3bn ($2.71bn) were allocated for servicing the state debt in the first quarter of 2003. Russia's debt decreased by RUR88.9bn ($2.89bn) over that period. It was RUR4.47 trillion ($145.51bn) as of April 1. Of that amount, foreign debts made up 84.4 percent, and internal debts made up 15.6 percent.