MOSCOW The speaker of the Russian Parliament, Gennady Seleznyov, said on Saturday that the Duma, or Lower House, would not reduce this year's budget to enable Russia to make payments to the Paris Club of Creditor nations, AFP reported.

The 2001 budget is already so tight that "it is practically impossible to find funds" to make full payments, Seleznyov said, cited by Ria-Novosti.

Russia said Friday it would delay a $285-million debt repayment due in January to the Paris Club, handing over $31.5 million of its Soviet-era debt this month, instead of the $316.4 million as scheduled.

At the start of the year Russia's debt to Paris Club member nations stood at $48.3 billion, of which $21.1 billion is owed to Germany, its principal creditor.

Seleznyov, a communist, was speaking at the founding Congress of the left-democratic "Russia" movement which he implied would attempt to find a middle way between the communists and President Vladimir Putin's Unity Party.

The choice facing the country was "not between socialism and capitalism, but between supporters of a fair way of sharing out (economic wealth) and the defenders of the privileged," he told the 524 delegates from 88 regions.

"Russia" was intended to remain a movement rather than a political party, he told a press conference later.

The movement's objective would be "the construction of a renewed socialism" in Tussia, he said.