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26 Nov, 2008 07:41

Russia to use Reserve Fund to underpin budget

Russia to use Reserve Fund to underpin budget

Russia will have to spend more than a quarter of its Reserve Fund or $36 Billion next year, to balance the budget.

Finance Minister, Aleksey Kudrin, says the three-year budget plan will be realised but spending should be monitored carefully. Cuts in corporate tax next year will mostly hit regional budgets.

“This means that we've created a serious safety cushion for our budget. It may last for about three years, hence we will have to correct our plans. We shouldn't cancel our previous decisions on social spending, including infrastructure. We should correct our future projects and not build up huge liabilities.”

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