2.1. Creditsof the international financial organisations
Rate difference on credits:
Repayment of the major part of debt on credits:
2.2. Creditsgranted by foreign governments, foreign commercial banks and firms to theRussian Federation
-Credits received (used)
-Repayment of the major part of the debt
2.3. Change inthe residual budgetary funds on the currency accounts in the banks
Residuals by the beginning of the period
Residuals by the end of the period
The reconstruction of the execution of thefederal and local budgets and extra-budgetary funds is given in Table 9. Inaddition to the execution of the federal and local budgets, the Table gives thedata on the execution of the extra-budgetary funds. That data was obtained fromthe reports for the nine months of 1997.
The volume of the secondary federal budgetdeficit declined compared with 1996 by around 1.1 per cent of GDP. At the sametime, the volume of the primary deficit also declined (by 0.3 per cent of GDP)and constituted 2.8 per cent of GDP. On the whole, this decline took place atthe expense of a reduction in the volume of debt service. Moreover, expenditureon the international activities was sharply reduced by about 4-fould.Expenditure on all other budget items somewhat increased--on social policy by0.4 per cent of GDP, on national defence by 0.2 per cent, on law enforcementactivities by 0.3 per cent of GDP.
In 1997, the volume of revenue in the wholepublic finance system went up compared with 1996 (34.9 per cent of GDP and 34.4per cent of GDP correspondingly). Tax receipts, at that, despite the fact thattax withdrawals to the federal budget decreased, went down insignificantly(from 29.2 percent of GDP to 29.1 per cent of GDP) owing to a substantial (byone per cent of GDP) growth of tax withdrawals into the local budgets.Increase by 1.7 per cent of GDP of the consolidated budget expenditure (to 43per cent of GDP) in 1997 resulted in the deficit growth by 1.4 per cent of GDP(to 8.9 per cent of GDP).
Tax receipts of the extra-budgetary fundswere considerably cut compared with 1996--from 8.2 per cent of GDP down to 7.6per cent of GDP. That fall was offset by a growth of non-tax revenues from 2per cent of GDP up to 3.2 per cent of GDP. However, against the background ofan increase in the expenditure side of the extra-budgetary funds, it led to adeficit of 0.6 per cent of GDP. In 1996 a proficit was registered in the amountof 0.1 per cent of GDP.
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