VOL. XLV

No 35

2-September-2002

RUSSIA

Russias 2003 Budget Based On OptimisticOil Price Assumption

According to an Interfax report on 22 August, Russian Deputy FinanceMinister Tatyana Golikovahas said that the forecast for Russias 2003 budget revenue is based on anoptimistic oil price assumption of $21.50/B, although further work may lead toadjustments in specific targets. The optimistic scenario, which is above the2002 forecast of $18.50/B, gives an exchange rate of $1=33.7 rubles and GDP of...