Russia’s finance minister called on Wednesday for a cut in planned spending to weather an economic crisis, warning of a more than $45 billion drop in revenues this year if the average oil price is $50 a barrel.
In comments underlining the government’s growing concern at the downturn, Finance Minister Anton Siluanov said all budget expenditure should be cut by 10 percent except defense, a priority for President Vladimir Putin.
Adding to the gloom, Economy Minister Alexei Ulyukayev said there was a “pretty high” chance Russia’s credit rating would be downgraded to junk and a deputy, Alexei Vedev, said he expected inflation …read more
Source: Voice of America
