Moscow's budget now matches New York's

Moscow's government has just finalised the city's annual budget for the year. It totals $US 50 billion, which is about as much as that of New York last year.

The Russian capital holds first place for attracting investment among the world’s largest cities. According to the city’s authorities, cash inflow in 2007 was $US 71 billion from 153 countries.

Moscow's number one foreign investor was the United Kingdom, followed by the Netherlands, Cyprus and Luxembourg.

However, Moscow officials say it's only partly good news as only 22 per cent of the money is invested directly in the city's economy. The rest takes the form of indirect investment.