MOSCOW, August 17 (RIA Novosti) - The Russian government approved the draft 2007 budget Thursday.

The document said the budget would have a surplus of 1,501.8 billion rubles ($56 bln), or 4.8% of the gross domestic product.

Budget revenues are expected to be 6,965.3 billion rubles ($260 bln), or 22.3% of GDP. Budget spending is laid down at 5,463.5 billion rubles ($204 bln), or 17.5% of GDP.

Budget revenues will include 4,242.9 billion rubles ($158 bln) in collected taxes, and 2,722.4 billion rubles ($102 bln) of other revenue.

Budget spending will consist of interest payments totaling 156.8 billion rubles ($6 bln), and non-interest payments totaling 5,306.6 billion rubles ($198 bln).

Payments to the Stabilization Fund, set up as a reserve to accumulate windfall oil revenues, will total 1,690.7 billion rubles ($63 bln), according to Finance Ministry calculations.

The budget is based on an average annual price for Urals oil totaling $61 per barrel, and estimated GDP equaling 31.2 trillion rubles ($1.2 trln) in absolute terms in 2007.