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24 Nov, 2006 06:59

Russia’s state budget finally approved

Russia’s state budget finally approved

The State Duma has passed the 2007 federal budget in the fourth and final reading. Now the document will go to the upper chamber of the Russian Parliament.

Russian Finance Minister Aleksey Kudrin has dubbed it an investment in the future generation.

The budget features the largest revenue the country has seen over the last 15 years – more than $US260 bln as well as the largest spending of about  $US 205 bln.

Financing of priority projects, including agriculture, education, healthcare and affordable housing has increased by more than half, while spending on national defence has increased by $US 1 bln.

For the first time the budget includes a venture fund of about $US 500 mln to finance technological start-ups in order to diversify Russian economy away from oil & gas towards innovation technologies.