MOSCOW—Russian government officials appealed for calm on Wednesday after predicting budget cuts and a further surge in inflation as the country faces its worst economic downturn in 15 years.
With the currency and economy wilting under the twin blows of Western sanctions and a fall in the price of oil exports, Finance Minister Anton Siluanov proposed slashing some 10 percent to most areas of the state budget.
That is a significant turnaround for the government of President Vladimir Putin, who only weeks ago told the nation in a televised address that state spending would not be cut.
Many parts of the economy, which …read more
Source: The Epoch Times
