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Mr Gref also reported on the state of work on the 2004 draft budget, noting that budget revenue for 2004 had initially been forecast at 4.6 percent, but that this figure could be revised upwards by a percentage point to 5.6–5.7 percent. This will improve the budget revenue situation somewhat and help resolve certain internal budget problems.

Mr Putin emphasised that work on the draft budget for next year must proceed in collaboration with the State Duma and the members of the Federation Council.

Mr Gref told the President that there is an agreement to repeat last year’s practice, which saw all the Duma factions and the relevant committees from the Federation Council involved in working on the draft budget. Mr Gref met with the leaders of the Duma factions on July 14 to discuss priorities for the 2004 budget. Mr Gref said that the government will try to put the budget through an initial reading when it is at the stage of being examined by the cabinet of ministers.