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Russia may spend over $7 billion from Reserve Fund on anti-crisis plan — deputy PM

January 21, 2015, 19:33 UTC+3
The Russian government should specify possible amounts of agreed expenditures by Monday, First Deputy Prime Minister Igor Shuvalov said
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Russian Deputy Prime Minister Igor Shuvalov

Russian Deputy Prime Minister Igor Shuvalov

© ITAR-TASS/Mikhail Metzel

NOVO-OGAREVO, January 21. /TASS/. The Russian government may spend over 500 billion rubles ($7 billion) from the country’s oil wealth Reserve Fund on an anti-crisis plan, First Deputy Prime Minister Igor Shuvalov said on Wednesday.

Shuvalov made this statement after a meeting of President Vladimir Putin with government members, where they discussed a plan of measures to support the economy in the current conditions. The Russian president broadly supported the plan.

“We have some framework but even within this framework we don’t have agreed spending. We keep this framework (500 billion rubles) as a certain reserve. We should agree on how to spend,” Shuvalov said in response to a question about whether spending from the Reserve Fund could exceed 500 billion rubles.

The Russian government should specify possible amounts of agreed expenditures by Monday, he said. “We may increase (expenditures above this limit) or we may stay within these limits,” he added.

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