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Ex-finance minister calls 10% budget spending cuts optimistic forecast for Russia

January 13, 18:04 UTC+3 MOSCOW
Earlier on Wednesday Finance Minister Anton Siluanov said the country's budget could save up to $6.5 bln if spending was cut by 10%
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© Artiom Geodakyan/TASS

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.

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