Experts polled by The Moscow Times noted previously that the 2015-17 budget is crippled by new expenses and past promises that are now too exorbitant to fulfill, including the cost of supporting Crimea — which Russia annexed from Ukraine in March — and the states massive $700 billion rearmament program. Lower budget revenues led to a controversial decision earlier this year to use contributions to privately managed pension funds to fill gaps in the state budget for the second year in a row. The move was heavily criticized by economists, who said that it will both increase the states future spending obligations and deprive nascent markets of strong institutional investors. Siluanov on Friday also asked Russian lawmakers for permission to use, if necessary, up to 500 billion rubles ($12 billion) from the governments Reserve Fund, an oil-revenue-funded piggy bank, to fulfill spending obligations next year.
Posted on: Sat, 25 Oct 2014 12:59:42 +0000
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