MOSCOW, June 5: Russian finance ministry funds have been improperly used, Irterfax news agency quoted an official auditor as saying on Wednesday. reports AFP.

Eleonora Mitrofanova of the Audit Chamber Auditor said the ministry had repeatedly used bank loans to cover current expenses and paid off the interest using budgeted revenues.

According to Mitrofanova, such practices have cost the government four trillion roubles (700 million dollars) on finance ministry-guaranteed

"Trahsaciions carried but by the finance ministry in order to attract bank loans at the expense of those who were supposed to be financed by the budget could be described as the improper use of budgetary funds." Mitrofanova stated.