Arab Today, arab today russia to spend €9bn to tackle financial crisis
Last Updated : GMT 09:40:33
Arab Today, arab today
Arab Today, arab today

Minister Alexey Uljukaev:

Russia to spend €9bn to tackle financial crisis

Arab Today, arab today

Arab Today, arab today Russia to spend €9bn to tackle financial crisis

Minister of Economic Development of the Russian Federation Alexey Uljukaev
Moscow - Arab Today

The economy minister of recession-hit Russia on Thursday pledged nearly $10 billion to tackle the country's financial crisis, as the low oil price weighs heavily on growth.

Alexei Ulyukayev earmarked 750 billion rubles (nine billion euros, $9.8 billion) in anti-crisis measures, of which 310 billion rubles are loans to regional authorities already allocated in the 2016 budget.

Russia's energy-reliant economy shrank by 3.7 percent in 2015 and is set to continue suffering in the current year, weighed down by systemic problems that have been exacerbated by Western sanctions over Ukraine and the low price of oil.

President Vladimir Putin has ordered that the budget deficit should stay within three percent of gross domestic product.

However the current budget is calculated with oil at $50 a barrel and balancing the books will be a tall order unless the price climbs back to prior levels.

The oil price is currently hovering around $30 per barrel.

It was not clear from Ulyukayev's remarks where the government plans to draw the anti-crisis money from.
The country has amassed two "rainy-day" cash funds but they have been depleted, including by efforts to prop up the ruble, and some officials conceded that they could run out by the end of the year.

Russian newspapers reported that the anti-crisis plan is split into four sections: helping the regions, supporting key economic sectors like agriculture and auto manufacturers that have been hardest hit, social measures and structural reforms.

While the government has said it seeks to slash spending by 10 percent this year, large parts of the budget, notably the military and social welfare like pensions, have been ring-fenced from any cuts.

Also complicating matters are upcoming parliamentary polls in September, with authorities keen to stave off any public discontent over the dire economic situation.

Proposals in the anti-crisis plan "appear heavy on the social support and seem to be dictated by electoral concerns rather than a strategic goal of improving productivity," said a note from Alfa Bank analyst Dmitry Dolgin, concluding that the plan "is unlikely to improve the overall mood in the economy."
Source: AFP

arabstoday
arabstoday

GMT 05:19 2017 Thursday ,07 September

Oil price to stay at $50-$55 a barrel

GMT 02:17 2017 Monday ,04 September

UK will not be pressured by EU timetable: Davis

GMT 20:54 2017 Sunday ,03 September

BRICS turned into pushing power

GMT 14:42 2017 Tuesday ,29 August

Qabil: challenges by Industrial sector

GMT 20:39 2017 Saturday ,26 August

Mayor calls for Petrobras privatization

GMT 14:45 2017 Thursday ,17 August

MP: government ignores citizen
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today russia to spend €9bn to tackle financial crisis Arab Today, arab today russia to spend €9bn to tackle financial crisis

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today russia to spend €9bn to tackle financial crisis Arab Today, arab today russia to spend €9bn to tackle financial crisis

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel sees benefits in independent Kurdistan: experts

GMT 07:58 2017 Wednesday ,20 September

Israel sees benefits in independent Kurdistan: experts
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Horia Farghaly happy for success of “Case G”

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday