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Deputy Prime Minister Alexander Zhukov reported on work on the draft budget for 2007 and for the three-year period from 2007–2009. The Cabinet will examine the draft budget programmes at a meeting on August 17. The Government is simultaneously continuing to work with the State Duma deputies and the members of the Federation Council. In particular, final consultations with deputies as part of a ‘pre-first reading’ of the draft budget are to take place today.

Mr Putin called the Government’s attention to the need to speed up work on draft budgets in future years.

Economic Development and Trade Minister German Gref spoke of the Cabinet’s plans to soon set up a Russian venture company, whose chief purpose will be to invest in national high-technology projects. A total of 15 billion roubles will be allocated for this purpose in 2006–2007.

The Government also plans to establish special sector-based venture funds. In accordance with the resolution the Government is currently working on, private investors will be actively involved in the work of these funds. State participation will be set at a limit of 49 percent of investment with a maximum return of three percent. The Cabinet expects this measure to attract additional private capital to the science-intensive sector of the economy.

Taking part in the meeting were First Deputy Prime Minister Dmitry Medvedev, Deputy Prime Minister Alexander Zhukov, Trade and Economic Development Minister German Gref, Interior Minister Rashid Nurgaliev and Chief of Staff of the Presidential Executive Office Sergei Sobyanin.