More than 20 states that produce more than half of world's oil take part in OPEC meetingBusiness & Economy December 10, 13:05
Russian energy minister Novak sees 'no risk' OPEC agreement failsBusiness & Economy December 10, 12:43
Defense ministry organizes mass escape for Aleppo civilians via humanitarian corridorsWorld December 10, 12:38
Almost 18,000 civilians evacuated from areas of Aleppo controlled by militantsWorld December 10, 7:41
Russian swimmers win 11 sets of medals at FINA World Swimming Championships (25 m)Sport December 10, 7:00
Shiveluch volcano in Russia’s Far East spews ash to 11 km in airWorld December 10, 5:28
Ceasefire agreements enter into force near Damascus, in Idlib province ― mediaWorld December 10, 4:18
Russian pair Tarasova/Morozov win final of ISU Grand Prix of Figure Skating in MarseillesSport December 10, 4:00
Matviyenko to visit UAE to participate in Forum of Women Speakers of ParliamentRussian Politics & Diplomacy December 10, 3:21
MOSCOW, January 13. /TASS/. Reduction of federal budget in 2016 by 10% is an optimistic forecast in case oil price keeps at $30-35 per barrel, the former Russian Finance Minister and the head of the Civic Initiatives Committee think tank Alexey Kudrin said in an interview with Russian News Service radio station on Wednesday.
Earlier on Wednesday Finance Minister Anton Siluanov said the country's budget could save up to 500 bln rubles ($6.5 bln) if spending was cut by 10%.
"Budget reductions are inevitable this year due to plunging oil prices. And they [prices] are most likely to keep low, probably $35 or $30, it’s difficult to say now. But this means a considerable reduction, even compared with the level of that at the end of last year. 10% reductions is an optimistic forecast," he said.
According to Kudrin, social obligations will require additional spending in a down economy. Funds for them will be raised by greater reduction of certain items, he added.