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The lower house of the Russian parliament approved the 2009-11 federal
The lower house of the Russian parliament approved the 2009-11 federal budget in its third and final reading on Friday.

The budget envisions a significant increase in defense spending. The State Duma also authorized the government to spend 175 billion rubles ($6.7 billion) to shore up the country's financial system.

Prime Minister Vladimir Putin said at a government meeting on October 1 that the government would allocate up to 175 billion rubles in 2009 to support the Russian financial market.

Russia has been hard-hit by the global credit crisis, which has toppled Western banks and pushed developed economies toward recession. The country's stock markets have lost around two-thirds of their value since their May highpoints, amid declining oil prices and other investor concerns.

Budget revenue in 2009 is planned at 10.9 trillion roubles ($414.1 billion), which is about 19% of Russia's GDP.

For 2010, the figure is 11.73 trillion roubles ($445.6 billion), and for 2011 the sum is 12.84 trillion roubles ($487.8 billion).

Inflation in 2009 is expected to hit 8.5%, and 7% in 2010, dropping slightly in 2011 to 6.8%.


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