Moscow (AFP) – Russia promised government spending cuts but more money for retirees and billions of dollars worth of support for banks as it detailed Wednesday a plan to support its economy battered by low oil prices and sanctions.The plan, published on the government’s website on Wednesday morning, foresees a 10 percent reduction in “most categories of budget spending” but, increases on welfare, which was the cornerstone of President Vladimir Putin’s election campaign in 2012.The measures will help the economy “adapt to new conditions” in a situation when Western sanctions over Ukraine and tumbling oil prices have already cost it …read more
Source: Business Insider
