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Sergei Ivanenko: the budget has a strong foundation, therefore it can handle a drop in oil prices

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On Tuesday, November 27, 2001, the First Deputy Head of the Yabloko faction Sergei Ivanenko said in an interview with journalists that, in his opinion, the draft budget for 2002 would be adopted by the lower chamber in the third reading on Friday.

Ivanenko also said that a force of "inertia had set in and the fly-wheel had already been set in motion, thus naturally the budget would sail through the third reading. But there are issues of content, very serious problems that have still not been discussed - for example, the abrupt drop in oil prices and the need to specify expenditure, and such proposals have already been made by the government, but this also envisages that a financial reserve will not be formed from revenues for 2002 and this amounts to 110 bln roubles, therefore there will be far less revenues than had been planned during examination of the budget in the first reading."

It is proposed to shift most expenditure to the fourth quarter of 2002, something that Ivanenko considers worrying. But in general the forecast made by the Yabloko faction before the first reading (that the budget had a strong foundation, with a reserve) had been confirmed, as even a drop in oil prices from USD 23 per barrel two months ago to USD 18 per barrel today did not lead to the implosion of the budget, as - the budget can be implemented, added Ivanenko.

Based on MK-Novosti reports.

See also:

Budget for 2002

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