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Russia will not cut military and agricultural spending — deputy PM

January 30, 2015, 11:02 UTC+3
Accumulated state reserves must be used to implement anti-crisis measures in Q1 2015, First Deputy Prime Minister Igor Shuvalov said
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MOSCOW, January 30. /TASS/. Russia will not cut military and agricultural spending, First Deputy Prime Minister Igor Shuvalov said.

Accumulated state reserves must be used to implement anti-crisis measures in Q1 2015, he stressed.

The downgrade of Russia's sovereign debt rating is aimed at domestic companies to put political pressure on the government, the deputy prime minister noted.

Central Bank's decision on the free floating ruble transition was the right one, despite that it was "extremely painful," Shuvalov said. "The Bank of Russia made an attempt to move to a free floating ruble. We believe that this was very painful, but absolutely justified and right," Shuvalov said.

The Russian government will not make a decision to increase the budget deficit until discussing it with the State Duma, Shuvalov stated. "Can we expand the parameters of the federal budget by increasing the deficit? The government alone should not take on this responsibility, and if that does take place, then only after a serious discussion with the country's parliament, and with the cooperation from the regions, because our main goal is to maintain the macroeconomic stability," Shuvalov said.

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