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The Russian Budget Commission has approved the Finance Ministry’s initiative to draw up a model “petroleum-excluded” budget of the country
The Russian Budget Commission has approved the Finance Ministry’s initiative to draw up a model “petroleum-excluded” budget of the country, Prime Minister Mikhail Fradkov stated here on Monday, taking the floor at an enlarged meeting of the Collegium of the Finance Ministry. The premier stressed the importance of drawing up a model budget, “which would be cleared of petroleum profits”. “I am expecting to get concrete proposals on such a model from the Finance Ministry, but not a simple recalculation of the budget, based on a low cost of petroleum,” he noted. Elaboration of a “petroleum-excluded” budget “will help bring to light our economy’s additional resources,” the premier added.
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