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Vladimir Putin and Alexei Kudrin discussed the current economic situation in Russia. According to the President, the biggest planned cuts in taxes have been achieved but their effect on the real economy and budget revenues is yet to be seen. Vladimir Putin stressed that this did not mean they should not plan any further reduction of the tax burden on the economy in the future.

The Finance Minister said that education, the judicial system, science and law-enforcement would be priorities in budget spending in 2003. In 2004, additional funds are to be allocated to support public health and culture.

Mr Kudrin also said that a commission of the Financial Action Task Force (FATF), which met in Moscow recently, positively assessed the Russian law-makers’ work.