MOSCOW, May 25 (RIA Novosti) - Russia's oil and gas revenues will fall from 3.2% of GDP in 2007 to 0.6%-0.7% of GDP in 2008-2010, the Russian finance minister said in a report Friday.
Addressing the lower house of Russia's parliament, which Friday is considering the first reading of Russia's first three-year draft federal budget for 2008-2010, Alexei Kudrin said: "The international reserves currently total some $400 billion, which exceeds the aggregate foreign debt of the entire economy."
Kudrin said his ministry's forecast for the Stabilization Fund consisting of oil and gas revenues is $137 billion in late 2007.
Kudrin said: "According to the International Federation of Stock Exchanges, Russia is ranked 13th in the world for its market capitalization." Last year it exceeded $1.3 trillion leaving South Korea, Brazil, Saudi Arabia and Mexico behind.
Over 70 Russian companies have announced plans to hold an initial public offering (IPO) in the next two years, Kudrin said. In 2006, he said, 15 IPOs were held in Russia, pushing it to fifth place globally with $16.7 billion.
