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Russian President Dmitry Medvedev has signed into law the federal budget
Russian President Dmitry Medvedev has signed into law the federal budget for 2009 and 2010-2011, the Kremlin press office said on Monday.

The budget was approved by the State Duma, the lower house of Russia's parliament, on October 31 and endorsed by the Federation Council, the upper house, on November 12.

Yevgeny Bushmin, chairman of the Federation Council budget committee, said during the endorsement procedure that the budget will enable the government to spend 175 billion rubles ($6.4 billion) to prop up the country's financial sector in 2009.

"Following the results of the 2008 budget administration, the government has the power to channel up to 175 billion rubles in budget funds to support the Russian financial sector," Bushmin said.

Under the federal budget for 2009-2011, the share of oil and gas revenues in the budget structure will drop from 50% in 2008 to 36% in 2011.

Budget revenue is planned to reach 10.9 trillion rubles ($396.8 billion) in 2009 (18.98% of GDP), 11.73 trillion rubles ($427 billion) in 2010 (18.81% of GDP) and 12.84 trillion rubles ($467.4 billion) in 2011 (18.06% of GDP).

Budget expenditure will total 9.024 trillion rubles ($328.5 billion) in 2009 (18.8% of GDP), 10.32 trillion rubles ($375.7 billion) in 2010 (18.8% of GDP) and 11.317 trillion rubles ($411.9 billion) in 2011 (18.1% of GDP).

Inflation is expected to reach 8.5% in 2009, 7% in 2010 and 6.8% in 2011.


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