31.   We are still borrowing tens of billions each year from the rest of the world to finance our deficit.

32.   Arthur said he will finance the deficit through a combination of foreign and local loans.

33.   Central Bank Chairman Sergei Dubinin called for spending cuts to ensure the deficit could be financed without driving interest rates up sharply and stifling the economy.

34.   Giuily had proposed financing the deficit with debt.

35.   High rates of inflation indicating that the central bank has lost its independence and is being used by the government to finance its deficits.

36.   However, when central banks became susceptible to government pressure to finance excessive deficits, currency boards were revived.

37.   It noted that the government was facing difficulties in raising money to finance the deficit.

38.   Officials said they were confident the deficit could be financed through domestic sources.

39.   Privatization proceeds and foreign lending will be the only sources to finance budget deficits.

40.   State enterprises will be allowed to borrow from domestic and foreign markets to finance the deficits.