MOSCOW, March 19 (Xinhua) -- Russia's government approved on Thursday a revised draft budget for 2009, which foresees the country's first budget deficit in eight years, news agencies reported.

    The draft will be submitted to the parliament for consideration in the near future, Economic Development Minister Elvira Nabiullina was quoted as saying at a news conference after a government session.

    According to the new draft, the government revenue will tumble 39 percent to 6.7 trillion rubles (195 billion U.S. dollars), while spending will rise 7 percent to 9.7 trillion rubles (282 billion dollars).

    The government will channel capital from the reserve fund to cover the deficit, which will account for 7.4 percent of GDP.

    Nabiullina also said that a draft anti-crisis program would be handed over to the government by April 10.

    Russia's economy has been battered by plummeting oil prices, dwindling foreign currency reserves and record capital flight amid the current financial crisis. Officials predict that the Russian economy will shrink by 2.2 percent this year.