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Budget deficit may top 8%, finance minister says
RBC, 24.03.2009, Moscow 13:03:15.Russia's budget deficit may exceed 8 percent in 2009, Deputy Prime Minister and Finance Minister Alexei Kudrin said during today's extended board meeting of the Economy Ministry. "This may happen if we do not distribute budget spending differently or change the structure," the official noted. He indicated that the government would be forced to "make a number of tough decisions regarding budget spending." Kudrin also stated that the revenue of the federal budget for 2010-2011 would be 33 percent lower than in 2009. The minister also pointed out that the 6.6-percent GDP growth forecast for 2020 was "too optimistic." Considering the challenges the country is currently facing, including economic and demographic ones, Russia will not be able to sustain the target growth rate, he observed.
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